Renting homes is something we are seeing more of these days in the UK. It has been going on since the dawn of mankind, as people have always needed a place to live. For this reason, many people will buy a larger property than they need and rent out a part of it, becoming a landlord to the tenant who is living in their property.
Students have always been prime candidates for renting homes over the centuries. In the past, they would want to get on the property ladder when they found a job, but nowadays money and jobs are tight, so more and more students are staying in their rented accommodation and are not in a position to buy their first home.
Itinerant workers are another category of people who will usually be renting homes. They will be able to look for better jobs in other regional areas, and move close to those jobs much easier than people who own their homes and have to all the trouble, delay and expense of finding a buyer and a new home before they can move. Other people renting homes will be those who need to move to another area for family reasons, such as divorce or to look after a sick relative.
Property owners can make money by renting homes. They may renovate a property and turn it into a luxury home, which will enable them to charge higher rents. Such property owners may have a portfolio of rental properties, each one aimed at a different type of tenant. This can be a wise strategy, as a portfolio of totally up market properties may not yield income when there is a recession and money is scarce. People are often attracted to the idea of renting homes because of the lower costs involved for a limited period of time. Buying property has associated transaction costs and timescales which can be unattractive.
Often busy people will prefer renting homes when there is an arrangement where the landlord maintains the upkeep of the house and garden. Many business people do not want to be shoveling snow and are prepared to pay for the landlord to make arrangements for it to be done. The same applies to cutting grass and tending to plants and trees. Such an arrangement will also apply to the house itself, so when there is painting and repairs to be done, these will be taken care of through the landlord in such an arrangement.
People renting homes do not need to worry about events being planned in the future such as motorways to be built close by, or plans for a new airport in the vicinity of the house. These things are problems for the owner, as the tenant can just move out if the quality of life in the property changes. But the property owner will be stuck if things change, and may have problems selling their property if a local building project threatens the peace and enjoyment of the property.
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