Industry analysts are referring to the current generation as ‘generation rent’, with more people than ever choosing to rent their home rather than purchase a property on the market.
Indeed, home ownership has fallen to a 25-year low, with an estimated 34.8% of homes in the UK now occupied by tenants.
So, why has renting become so popular? Well, here at Easy Let, we have helped countless tenants find their dream home, and here we are going to show you why renting has become so appealing.
Renting a property can be much more cost effective than buying a house or flat. As you won’t have to worry about securing a mortgage, you won’t have the huge outgoings of a deposit that can seriously drain your bank account, and therefore you can rest assured that you have financial security.
By renting a house or a flat, you can have access to more residential areas than you would if you were attempting to make a purchase, as well as being able to afford a higher calibre of property. This will not only save you money, but also give you a greater quality of life.
As a tenant, you will also have fewer outgoings each month. This means that you can afford more luxury items and activities without having to worry about your next mortgage payment or funding any repairs your property requires.
Renting a property offers you far more flexibility than owning a home ever could, as you can easily change your home depending on your current circumstances – an advantage you could never have if you were on the property ladder.
For example, if you take a new job in a different area, decide to move in with your partner or don’t require the same amount of space, you can easily move into another property without the stress and worry of trying to sell your property.
By renting your property, you can avoid sale chains altogether and focus on your needs alone – giving you the opportunity to move home as frequently and infrequently as you wish.
Being a tenant can also give you the opportunity to live in areas you may not have been able to afford if you were buying a property, as well as allowing you to live in a larger or more modern property with better facilities.
One of the most attractive things about renting is that, as a tenant, you are afforded extra securities that you simply would not have as a property owner.
As a tenant, you are only required to have insurance for the contents of your house or flat, as any repairs and maintenance the property requires are the responsibility of the landlord. This also means that you won’t have to deal with the stress of organising someone to come and repair or replace things inside the property – your landlord and your letting agency will usually take care of this for you.
Your landlord is obligated to fulfil a certain set of responsibilities to you as their tenant, and signing your rental agreement entitles you to certain rights that your letting agent can explain to you.
As you can see, renting a property has many advantages, and here at Easy Let we can help you find the right property for you. We have a great selection of houses and flats to let in Hastings, and no matter what requirements you may have, our dedicated team of professionals can certainly help you to find your future home.
For more information or to make and enquiry, contact our friendly team today on 01424 44 70 80. We’ll be happy to answer any questions you may have and suggest a great rental property based on your individual needs and requirements.