Due to the notable increase in the sales market and the sudden surge in property prices, a lot of people has turned to the cheaper alternative, renting.
For many people, renting is the only option they are looking to in housing as the prices of homes look to be increasing and increasing. This has reportedly had a major effect on the lettings market as up to a third of the population are renting or are being housed in urban centers and are compact in the inner cities.
So we have listed some reasons why renting is of great advantage to a multitude of people:
1. Short Term/Long Term Stays
You are not solely confined to one space, as a long-term tenancy can start from as little as 6 months and then after you have the choice on whether you would like to stay or move, and it all depends on your preference.
2. Flexible Housing
Due to the high costs of living, a lot of people are changing jobs and are also changing their locations. So renting allows for working professionals to frequently move to locations that offer excellent transportation links and are generally closer to their new job.
3. Less Maintenance
As a lot of Landlords rely on property management companies to manage the homes and also take care of maintenance, this means you can worry less about resolving issues within the property you are staying. As the property management company will be the ones to look for contractors and oversee any works.
4. Getting on the Property Ladder
A majority of people only dream of getting onto the property ladder, and that’s the sales property ladder. But the rental property ladder is significantly cheaper than purchasing a property.
5. Exploring different ideas
If there is a specific area you would like to reside in, property sharing decreases the cost per person and also allows you to stay in locations that would normally be out of your budget.
6. Your safety
All rental properties must abide by the law on health and safety, and are only given approval as rentals if the property passes the safety standards and checks.
7. Landlords pay
Any continuous maintenance, building works and any additional costs for the property are covered by the landlord. So you will have less to pay/worry about.
Also, you are most likely to find one bed or two-bed apartments in a city center that will most likely be already furnished and are cheaper than you buying and decorating the place. Landlords used to be able to claim tax relief against furnished properties. This tax break has now been removed and so there is no financial benefit to a landlord in providing a furnished property other than it making the property more desirable in certain circumstances.