With the distinct lack of affordability in the sales market, over the course of the last decade more and more people are renting, up to a third of the population in urban centres. Renting is an option of choice for many now because of the flexibility it offers:
- Long term tenancies start from as little as 6 months and you can move after this time if it doesn’t work for you.
- Being able to give notice to vacate lets you test relationships, whether that’s a new flatmate or a new partner
- Working lives have changed and people change job, including their location, more frequently and renting makes this easier.
- Professionally managed properties take the burden of maintenance away from you, giving you time to enjoy other things. You will have one point of contact and you don’t have the problem of finding contractors and overseeing works.
- The ongoing costs of maintenance, building service charges buildings insurance are covered by the landlord
- As you don’t have the additional costs that are covered by the owner it is much easier to predict your monthly costs.
- Whilst the costs of renting are high, the cost of getting on the rental ladder is substantially cheaper than buying a property.
- Property sharing reduces the cost per person allowing you to move to an area you may have thought out of your budget.
- Rental properties have to conform to safety standards.
- Shorter term lets are great for those who are in between moves or moving out whilst they do renovations
- Short term lets are generally all inclusive of costs and so you’ll have one regular payment.
You are more likely to find that one bed and two bed apartments in city centres are more likely to come furnished as well as properties designed for certain user groups, such as students. Landlords used to be able to claim tax relief against furnished properties. This tax break has now been removed and so there is no financial benefit to a landlord in providing a furnished property other than it making the property more desirable in certain circumstances.