Who rents for thousands a month ?

lookstraightahead

Same people who buy bigger houses than they need. You could argue that buying is investment and renting isn't, but the money you have to throw at big houses is outrageous.

Either way, it's mostly about how wealthy you look to the outside world.

There is also the mortgage tick box stupidity as well, so if you are employed by a small private company, you tick the box. If you own the company, you don't.

cloo

People with well paid jobs that require them to move around a lot, or who are on a contract from abroad, I expect.


TBF, Edddy, you can get a large house (albeit a semi) in outer London for £2750 pcm https://www.zoopla.co.uk/to-rent/details/51851190?search_identifier=43dbc1968a58e1a81e13c847b828abdc

MandM90

My husband works in financial services. We own our house now but he quite often works in mainland Europe/Ireland. His bosses quite often rent in e.g. Paris for a year - with the whole family in tow - before moving on. I imagine they have sizeable homes in the UK, which they may choose to rent out at market value.

Not all rentals were bought with investment in mind.

Sammypooler

Lol you know you are poor when you make
Posts such as the above.

Slithery

The majority of people that rent in London spend well over £2000/month.

TBagpuss

- Companies, or (well paid) contractors or short term employees.
- Someone who is planning to move to the area and wants to live there for a bit first, either while selling their exisiting home, or simply to get a feel for prices and areas.
- People who have high incoms but poor credit rating or other factors such as age which affect their mortgag capacity.

In terms of who spends that kind of money buying a property to rent out:
- someone who intends to live there in due course, and wants the property to work for them until they are ready to move
- someone who thinks property is a good investment, and either thinks that managing one or two large / expensive proprties will give better returns and/or be easier to manage than lots of smaller, less expensive ones, or who is spreading their investment across a range of types of property
- Someone who bought it planning to live there themselcves, whose situation has changed and who feels renting ratherthan selling immediately makes sense.

I'm sure there are other reasons.

Murphybear

Slithery wrote: »

The majority of people that rent in London spend well over £2000/month.

Really? A quick search on Rightmove for Central London + 5 miles shows about 33,000 properties. There’s loads of properties for less than £1k. Lots of studios plus a few 1 bedroomed

JayRitchie

Slithery wrote: »

The majority of people that rent in London spend well over £2000/month.

Really? I'd be surprised. The rent may be that much but generally shared between two or more workers, or paid for by a company for international managers/ secondees.

[Deleted User]

Ive done a few BTL's for that kind of rent. They were for the US armed forces that live in the area. They come over with ridiculous allowances and are used to much bigger properties that we usually offer