When it comes to buying and selling properties, we all know the old adage that it's all about location, location, location. Home owners generally want to love the place they live in, so selling a home and the success therein can rest on where a property is situated. However, now more than ever before, this same attitude has spilled over into the rental sector, where location has become a big factor for tenants.
With more than four and a half million tenants living in rented property, the sector has seen a real shift in the last few years. No longer are people just renting until they can afford to buy, more are choosing rentals over ownership than at any other time in history. For these people, known as 'generation rent', location is every bit as important as it is to buyers when it comes to securing the perfect rental home. But why is this? We take a look at a few of the most prominent reasons.
Today's tenant, especially those who prefer to rent, is more career-focused than ever before, so having somewhere to live that allows them easy access to work is a deal-breaker.
Properties that are located in city centres will always perform best with this type of tenant, but those situated near bus stations, train stations and other transport hubs will have similar benefits for people who just want to know that they can get to work every morning without hassle.
Although they are career-minded, the modern tenant has more to their life than just what goes on inside the office, and this is almost, but not quite as important as having great access to work. People like the status of being able to hit up the trendy bars and excellent retail centres in their time off, and being located nearby is ideal.
Buying rental properties, therefore, near the best shopping areas in cities or in the trendier drinking areas can be a great strategy for investors to use, as having this ability to balance work and play will be a real bonus for many modern tenants.
Of course, young professionals are not the only group who populate the new age of rental property. The market is also awash with families who just love the convenience of being able to rent a furnished and comfortable house they can make into a home. For these tenants, postcode can mean just about everything when it comes to getting their child into a good school.
Aspirational parents love to know they are giving their child the best chance in life, and as a result, properties that share postcode areas with some of the top schools will perform excellently in the rental market. Being near good schools and having the chance to send their children to them without having to travel, can be the deciding factor when it comes to making a decision for many British families.