Horsham Letting Agents Explain The Concept Of ‘Generation Rent’

Horsham letting agents understand what – or rather who – the term ‘generation rent’ refers to. It is used to describe those who are finding it difficult to buy their own home, and so are forced to rent through letting agents West Sussex based and beyond instead. At one time, it was primarily a descriptor of younger people in their 20s, say, who were trying to get on the property ladder with their first home. However, nowadays, it is just as likely to apply to older people as well. ‘Generation rent’ today includes people in their 40s, 50s and even 60s who cannot or do not want to purchase their own home.

Letting agents in West Sussex will know that the split between those who rent and those who buy is approximately 50/50, but just why are older people renting rather than buying? For some of the older generation, their retirement plans and funds are not stretching as far as they had anticipated. This could mean that they need to sell their homes and are renting from letting agents Horley based, for example, and living off the proceeds of their house sale. Others might choose to rent their own home out and make a profit doing that, whilst also renting somewhere smaller for themselves to live. It is a good way to make extra money during retirement.

That presents its own problems, though. It can mean that there are many ‘amateur’ landlords in the system. There is a great deal of complex legislation surrounding being a landlord. It’s increasingly important to take advice from letting agents in Horley and other local areas to ensure the investment is a sound one. For the landlord, however, renting to older tenants can be advantageous, as they do tend to act more responsibly and look after properties better. Moreover, they are often competent when it comes to dealing with small maintenance issues, meaning they won’t need to call the landlord out on a regular basis.

If you plan to rent out a property or even become a renter yourself, do contact Knights Estate Agents. As experienced Reigate letting agents, we understand the current rentals market and are experts when it comes to managing rental properties. Further details are on our website at https://knightsproperty.co.uk. If you would like to discuss your options further, arrange a viewing, or market your property, please get in touch on info@knightsproperty.co.uk, or 01293 855 355. You can be sure of a warm welcome and trust us to assist in every way possible.