Townends estate agents, part of the Badger Holdings Group, has experienced a steady rise in the number of tenants wishing to share rental properties in order to split bills and save money, but say some landlords are less willing to accept such living arrangements.
Numerous reports have detailed the growing struggle that many renters are experiencing just to meet payments, let alone save for a deposit to take that first step towards home ownership. Townends say a large proportion of tenant enquiries are geared towards cutting costs, whether that be tenants looking to downsize into something smaller or property share with friends, colleagues or others.
Caroline Kavanagh, Managing Director of Townends Lettings and Management, comments:
“Far from the days when the flat-share domain was reserved for students, in these more austere times, property sharing is a growing trend, especially amongst young professionals looking at how they can cut their outgoings in order to save for a deposit.”
However, some landlords are less accepting at the prospect of renting their property to sharers over concerns of greater wear and tear to their property.
Caroline continues:
“The concerns of landlords are understandable but I think those that are more accepting to the changing needs of the marketplace stand to benefit the greatest. The image of sharers should no longer just represent students but reflect a greater likeness of the sort of professional applicants that are enquiring, who from experience, tend to make excellent tenants.”
Landlords who are open to renting their property to sharers also make themselves available to a much larger pool of applicants which can also help minimise void periods and maximise rental income.
Caroline concludes:
“This can be particularly advantageous for those looking to let a three bedroom property or larger for example, which might typically be pigeon holed to attracting families or those with a larger budget.”
