The Boomerang Generation – Why Renting Is Booming?
What is the boomerang generation? This is quite simply the generation of adults who have moved back home after spending a period living independently. This is common with students and they would fall within this bracket. So, you may be thinking how is renting booming if everyone is moving back in with their parents? Well, the pandemic put many people into unusual circumstances. Either moving back home to be closer to family and loved ones during lockdown or remaining in a flat with limited access to outdoor space. This left the rental market with a real problem. Finding new tenants became more difficult and offering face to face viewings was off the cards too. Thus, since lockdown eased, the rental market boomed as people pick up where they left off all those months ago. The rise of young adults looking to rent their own place has vastly increased. The repopulation of city centres as businesses start to reopen and working from home life slowly becomes a thing of the past.
The pandemic shift has now led to 7 of the UK’s 11 regions being cheaper to live in. This is because tenants are looking for new homes after lockdown – Either to rent or to buy! What have Xenia Lettings done to prepare for this boom?
Xenia Lettings has remained resilient and adapted:
We understand that things haven’t been as easy for landlords in recent years, due to changes like this and others:
– An additional stamp duty charge for second homes
– Mortgage interest tax relief tapered down
– New regulations for houses with multiple occupants
– Tightening of energy performance regulations
– Stricter electrical safety standards
We have put together some guidelines about how tenants and landlords can succeed together in these busy times of renting and transition out of the pandemic across the UK.
– Long-term thinking: Best practise is to get a tenant into a long-term contract, this will help them settle into the property and feel they’ve made the right choice. Additionally, it is important that the tenant is matched with the correct property to make this long-term contract appropriate. Amenities, budget and lifestyle all come into consideration.
– Setting a fair rent: This goes hand in hand with keeping the tenant happy and long-term thinking. A fair renting price compared to the market and long contracts. Both parties benefit from this. They will feel happy they are getting the correct price and want to remain with you, vis versa you will have the security on long term place to stay. Also, staying competitive can help give you the edge over competition and beat them to tenants.
– Be safe and legal: The minimum requirements to follow all current regulations from electrical safety to right to rent checks. It can be complex and overwhelming and if you have doubts, a quality Lettings agent will manage all of this on your behalf.
These are just some of the many ways in which Xenia Lettings are providing outstanding service for Landlords and tenants alike.