If you are planning on buying an investment property, there will be 3 key things to consider other than your budget!
- Type of tenant.
- The location of the property
- The rental return ( also known as the yield )
Some landlords look to specialise in the student market. Others focus on the city centre. Some prefer to look at social housing needs. Every landlord is different.
This week though we wanted to focus on the family market. Families that rent tend to stop in their rental homes longer which means fewer void periods for you as a landlord. Their children go to the local schools and as they become embedded into the local community friendships are made. This is one of the reasons why they move less!
Many families prefer to live in suburban areas. 58% of them will choose to live in houses rather than flats. They also tend to be slightly older than urban renters who opt more to live in a city centre apartment.
It is also interesting to know that 25% of all renters are families in suburban area’s. In the northwest, it is higher at 30%. This is a big chunk of the market.
So if you are looking at investing in Lancaster or Morecambe and think the family market could be for you, get in touch. At JDG we are here to help!
Thanks for reading
Josh
Ps. We have a huge demand for 3 and 4-bed family homes close to good schools. Our last property in Scotforth had over 20 enquiries in 24 hours! Can you help fill this demand?