What Are The Different Types of Tenants?
As a property owner, you can often wonder about the type of people who are renting your home. During our many years in property management, we’ve found homes for all kinds of people. We’ve found that, roughly speaking, those people that we help can be separated into three main categories.
If you’re looking for optimism, excitement and a genuine fear of the consequences of losing their parents’ security deposit then students are the market for you. They tend to be looking for an August/September move to coincide with the start of the academic year and of course, the closer to public transport the better.
Students like to be in the company of other students, so apartments in larger blocks of similar properties might be the way to go when investing with this market in mind.
With Birmingham City University continuing to develop its city centre campus in 2016, the city is only going to get more attractive for the student population.
This city is a beacon of growth and opportunity with businesses realising quickly that they need to get an anchor down in Birmingham. Business brings bright young things with ambition galore and they will be taking on the maturing responsibility of earning an honest living and using it to pay for their own property.
You tend to get them in cost-effective pairs, be it young couples, friends or colleagues. Typically in their 20’s, they want to be close enough to the city to enjoy life and walk to work, but will be more inclined to pay a little more in order to enjoy a few of the luxuries that come with a nice home and a good job.
With HSBC moving their headquarters into Birmingham over the next two years, alongside the budding tech scene that is blossoming in the city’s creative quarter, the draw is stronger than ever for people to live and work in the city.
If they’re not students, and they’re not young professionals then the rental market tends to be populated by tenants of circumstance. Circumstance is a very vague term with many connotations but what we mean is people who have moved here with work, due to personal circumstances or on short-term contracts for whatever reason.
Having a central location is more important than anything as they very often need to be close to work and the public transport links. As a rule, the cheaper the better as it’s a short-term option for them but must still be of a high standard to satisfy the lifestyle they are used to.
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