The private rental sector is as successful as it has been at any point since the 1960s, with an increasing number of people relying on it in order to secure a home.
New figures from the Department of Communities and Local Government show 19 per cent of all households in the UK are now part of the private rental sector.
In addition, 64 per cent of all people now rent – rather than own – their property, up from 41 per cent in 2004. The proportion of 16 to 24-year-olds living in rented accommodation rose particularly steeply in the ten years to 2014, from 76 to 91 per cent.
It is approximately 50 years since such a large proportion of the population was living in privately rented homes.
Clare Tobin, chief operating officer at Leaders, said: “Recent years have seen a huge number of people become tenants in the private rental sector.
“This has created a golden opportunity for buy-to-let investors and would-be landlords, who can take advantage of huge tenant demand by achieving the best possible rental returns and enjoying a sense of confidence that their properties will always be occupied.”
With almost 4.4 million privately rented properties now in use in the UK, tenants in all areas have benefited from an increased range from which to choose where they live.
“Most tenants expect to be able to buy their own home in the future, but for now they are happy to rent a quality home at an affordable price,” Ms Tobin added.
For more information on becoming a landlord or investing in a buy-to-let property, please contact your local Leaders branch.