This is an issue that hasn’t always been mentioned, but it would be best for landlords if they at least considered this matter. A recent study suggests that 12 million tenants in the UK, of the 17 million tenants across the country, rent with no intention of buying. Some of these tenants say this because they have no expectations of obtaining a mortgage or being able to afford to buy a home, but there are many tenants who rent because it suits them and their lifestyle.
Many people view flexibility as a perk of renting
There are people who prefer the flexibility that comes with renting. Some people view buying a home as having something to weigh you down or keep you tethered in one place. There are people who appreciate the security of having their own home but with the world becoming a seemingly smaller place thanks to technology and travel improvements, there are people who take advantage of the more flexible nature of renting.
Anyone who wants to travel regularly, whether it is with work or for their own enjoyment, will find that renting is more suitable. When they need a base, they can find one but when they don’t need a base, they can cut their ties to a location and make the most of their opportunity. With affordable storage options, having belongings is no reason to have a home because valuable and important items can be placed into a secure setting for an affordable price.
Not every country prizes property ownership in the manner the UK does
While the UK has long held property ownership as a sign that people have achieved success or that they have moved up the social ladder, this is not the case in other countries around the world. Some observers are pointing towards the fact that the UK is moving to a property market model that is similar to the one found in Germany. There is less importance placed on property ownership in that country and no one is overly concerned about the number of people in the rental market.
Another factor that has been cited as why renting is a suitable idea is that when you rent, the landlord or property owner deals with, and pays for, maintenance of the property. Even if this is factored into the monthly rent, it is an included cost that is taken care of each month while property owners who need to take care of home improvements are often left with a nasty shock.
Landlords should revise why people rent from them and work out if there is anything they can do to provide a better standard of service to their tenants. At Austin Property Services, we are on hand to help you be the best landlord that you can, so get in touch for support.