Family tenants are the most favoured renter type by buy to let investors, according to recent research by the National Landlords Association (NLA).
It was revealed that properties rented to family tenants take up the least amount of property management time in comparison to homes let to other types of tenants.
The findings came from over 1000 responses to the NLA’s latest quarterly landlord research panel. The panel asked landlords to estimate how much time they spent on property management. This includes dealing with tenant queries and property maintenance requests, along with general business administration.
It was suggested in the study that landlords who let their properties to family tenants and young couples spend just one full working day a week, equating to eight hours, on property management. In contrast, landlords who let to those on benefits, migrant workers or landlords who have executive lets can expect to spend up to 12 hours per week.
Romans’ lettings managing director, Richard O’Neill, said: ‘Renting a home is a practical, flexible and beneficial option for thousands of families across the country. It offers a simple route for parents looking to live within a school’s catchment area or close to a support network of family and friends. Landlords should aim to appeal to this growing market by offering the type of homes families are demanding. Our evidence shows families are typically reliable, stable and long-term tenants – qualities that should make them highly desirable to landlords.’
However, this does not mean that the other groups of tenants who are more vulnerable should be discounted. In contrast, landlords simply need to prepare themselves for a heterogeneous tenant population with different groups requiring different needs.
O’Neil highlighted the following factors every landlord should consider if they still wish to let to families. The main consideration for families is location, with proximity to a good school a necessity along with access to local amenities such as parks or playgrounds. Secondly, landlords should think about the type of home a family would wish to rent, with factors such as parking and a garden important. Finally, flexibility should be prioritised, as to create a ‘family home’ tenants might wish to decorate the property and keep pets. Landlords should be open to this to attract families.
Source: Residential Landlord