As a landlord, it’s important to be aware of the rental market and how different areas and property types appeal to different groups of people. In this blog, we’re letting you know 5 important things for landlords to consider when renting to families.
What was important to families and parents 10 years ago is quite different to what is important to them now. While some of the same appeals may still apply, such as safety and good schools nearby, some of them have changed drastically.
As a landlord starting out, you have a decision to make regarding the types of people you let to. For example, a student property is likely to be very different to one that targets families or young professionals.
There is no right or wrong answer of who you let your properties to, but you need to complete research into what each demographic is likely to be looking for.
Letting a property to a family gives landlords a great opportunity, as they generally treat properties well, are likely to stick around for longer and can offer more security.
What’s important to families when renting a home?
- Financial predictability
- Minimal maintenance
- Functional space
- Storage
- Flexible pet policies
- Neutral decor
- Location – close to schools, shops and other amenities
- Modern appliances
- Professional landlord
What landlord should consider when renting to families
Before you purchase a buy-to-let property for families to rent, you should consider the following aspects.
1. Location convenience
Families are no longer searching for homes that are close to city centres or train stations. Instead, they are looking at each property’s location in terms of convenience. Things like how far the best schools are, or how close the nearest supermarket is are what is important to them. Families want to be within walking distance to convenience.
2. Immediate surroundings of the family home
Parents will want to ensure that the immediate surroundings are nice and safe for their family. They may search for low traffic areas, such as cul-de-sacs and quiet side streets. Additionally, they may want somewhere which is easily accessible for prams, scooters and bikes.
3. Rental property proximity to green spaces
Many families are keen to be within 15 minutes from local green spaces, whether that’s a walking route or a park where they can take the children. If this is not possible, a well-maintained garden can work just as well. This outdoor space is really important for family life.
As a landlord, you will need to decide who is responsible for keeping the garden maintained, whether that’s you, the tenant or a professional gardener that you pay for. This should be outlined in the tenancy agreement.
4. Home layout and storage needs
Many parents work from home, highlighting the need for a smart home layout, and one where they can have a strong work life balance. As a landlord, you could transition a small room in the house or apartment to be the perfect home office space.
Families may also require more storage than other groups, as they may have prams, toys and bikes to store.
5. Flexibility
Many families choose to rent properties due to the flexibility it can provide. As part of this, they may expect more flexibility with pets and also the ability to decorate the home a little to their own preferences. Of course, as the landlord, any decoration is at your discretion.
Other elements to consider for families relocating
- High education quality – really important for school age children
- Family-friendly amenities
- Strong sense of community and supportive environment – great when raising children
- Strong job market
- Good healthcare systems
- Professional rental process
- Professional inventory carried out
- Security deposit is protected under a government approved scheme
Stability and functionality are more important than ever for families who are renting. Landlords can make simple adaptations to rental homes to create spaces where families want to live.
Are you a landlord looking for support with property management? Get in touch with our friendly team who will be more than happy to help.
