Benefits of Renting to London Professionals
If you are interested in buying to let, when looking at property, one thing you need to give a lot of consideration to is who you are going to rent the property out to. One option, which has probably crossed your mind, if you are looking to invest in the greaterLondon area, is professionals. Are they the perfect tenant? In the following post we are going to discuss several benefits that you can avail yourself of by marketing and pricing your rental property towards professionals.
Reliable Income - Rent Paid On Time
There are always people, especially professional Londoners, looking for well-located and high-quality rentals. Consider the fact that many professionals in London, particularly in sectors such as insurance, law and finance, have exceptionally high salaries. This means that if you have individuals like that as your tenants, they are less likely to miss rent payments and have mounting arears. Thanks to their consistent and high salary bracket, they may also be willing to pay a bit more if they know the property is located close to the many entertainment and leisure activities the city offers.
Property is More Likely To Be Cared For Properly
One of the biggest concerns with taking on a rental property and tenants, is whether or not they will look after your investment. The likelihood, then, is if you choose to target professional tenants, they will want to keep their deposit intact if they eventually want to buy their own home. With that I mind, they are less likely to want to jeopardise that by not treating your property like their own home. Professionals are often used to living in rental properties and know what’s required and expected. While we’re not suggesting you shouldn’t rent to social tenants, students or families, if you are looking for less headaches and a property that remains in better condition for the entirety of a tenancy period, then always aim for professional tenants.
Professional Tenants Are More Likely to be Interested in Mid to Long-term Tenancies
Compared to student tenants who tend to swap properties very often from one year of study to the next, professionals are more likely to stay for the longer term. Many professional tenants, especially if they have moved to a new area, are looking to get established and want a long-term accommodation to go along with their long-term employment for a stable and secure foundation. Although there are not always certainties and things can quickly change at the drop of a hat, relying on professional tenants to want to commit to longer term tenancies is a sure-fire thing.
They Have a Social Circle of Professional Friends
One of the worst things that can happen when you have rental property are those time periods between tenancies when there are no tenants in your flat or house. No tenants mean no rent which means no income from your investment. The great thing about renting out property to professionals is they tend to have large social circles of similar people with similar backgrounds, similar careers and similar salaries. The upshot of this from your point of view as a landlord is that when the day comes that your tenants want to leave, they are likely to have a number of prospective tenants they could recommend your property to, meaning you are left with as short a time as possible without earning any rent payments for your property.
If you would like any more advice about renting property out or assistance in finding investment opportunities, get in contact with Newington Estates, who have extensive experience in the London property market.