Is renting a good idea in the current climate?

paul_b1

Hi,
Can someone tell me if renting a house is a good idea given the current climate? Is the market saturated with rentals? Is renting still poular?

Anyone got any good links to show these statistics.

Thanks,
Paul

00ec25

do you mean renting where you are the LL or where you are the tenant?

statistics are more relevant by area, so what location(s) do you want

penguine

Though this is a generalisation I would say that the market in many places is probably saturated with 1-bed flats but that decent family homes in good areas are likely to be in demand.

theartfullodger

Assuming you are thinking of being a landlord...

You can always rent out property if it is in good-enuf nick, you are a professional, trained and competent Landlord and the price is competitive (sometimes very-competitive).

If any of the 3 can't be delivered, you's stuffed..

PS You need a thick skin & the financial backing to cope with the "tenant-from-hell" and the 9-12 months of no rent & legal bills & damage while you try and get him out..and hope you succeed..

Get rich-quick it probably won't be,...

Cheers & welcome to the fun world of being a Landlord..

Lodger

paul_b1

00ec25 wrote: »

do you mean renting where you are the LL or where you are the tenant?

statistics are more relevant by area, so what location(s) do you want

Sorry. I meant landlord in the north west of england.

paul_b1

theartfullodger wrote: »

Assuming you are thinking of being a landlord...

You can always rent out property if it is in good-enuf nick, you are a professional, trained and competent Landlord and the price is competitive (sometimes very-competitive).

If any of the 3 can't be delivered, you's stuffed..

PS You need a thick skin & the financial backing to cope with the "tenant-from-hell" and the 9-12 months of no rent & legal bills & damage while you try and get him out..and hope you succeed..

Get rich-quick it probably won't be,...

Cheers & welcome to the fun world of being a Landlord..

Lodger

I know I am probably asking a lot but do you know of any stats that provide information such as number of rented house per area and demand?

mlz1413

paul_b1 wrote: »

I know I am probably asking a lot but do you know of any stats that provide information such as number of rented house per area and demand?

I'm not aware of any stats for this but an easy way to DIY is go to rentals on Rightmove and get your local paper on property night. Compare them weekly and see if the same places are advertised or not.

Are you thinking of buying to rent out or renting out your current home?

If the former then I agree with penguine family homes would be best, 4 beds or more and take LHA as then you could end up with a large family on low income that will stay and treat the place as a home. Obviously you could also end up with a bunch of idiots who trash the place and move on.

paul_b1

mlz1413 wrote: »

I'm not aware of any stats for this but an easy way to DIY is go to rentals on Rightmove and get your local paper on property night. Compare them weekly and see if the same places are advertised or not.

Are you thinking of buying to rent out or renting out your current home?

If the former then I agree with penguine family homes would be best, 4 beds or more and take LHA as then you could end up with a large family on low income that will stay and treat the place as a home. Obviously you could also end up with a bunch of idiots who trash the place and move on.

Buying to rent out.

mlz1413

Ring your local housing assocation and see if they have any requirements and go into a couple of independant letting agents and ask if they have waiting lists for any type of property.

Definately not new build flats and I'd avoid 1 beds unless you can offer it very cheap and can deal with a high turnover of tenants.

Lots of people with pets struggle to get rentals so there would be a market for this.

I'd highly recommend you join a LL assocation now and ensure you know what you will be responsible for and how to avoid problems.

tek-monkey

Where I am there is a glut of poxy one and two bed shoebox flats, nobody wants them. One recent development is offering the first month rent free to get people in, but its still a very poor sized place compared to a house.

Can't help in general, as everyone has different needs, but my criteria as a sharer were:

Decent sized bedrooms, all doubles if possible.
Good garden, must be room for a few friends and a BBQ.
Good sized kitchen, must have room for 2 people at once.

Funnily enough, no new builds in the area catered for me at all.

paul_b1

mlz1413 wrote: »

Ring your local housing assocation and see if they have any requirements and go into a couple of independant letting agents and ask if they have waiting lists for any type of property.

Definately not new build flats and I'd avoid 1 beds unless you can offer it very cheap and can deal with a high turnover of tenants.

Lots of people with pets struggle to get rentals so there would be a market for this.

I'd highly recommend you join a LL assocation now and ensure you know what you will be responsible for and how to avoid problems.

Thanks for the advice : )