There has been a rise in the number of female landlords, according to new research by Simple Landlords Insurance. In fact, women now account for two in every five landlords and make up 40% of the market.
The research analysed tens of thousands of landlords’ details to give a better idea of the profile of the typical landlord, revealing that more women are now investing in buy-to-let than at any other point in the past.
Separate research, which polled more than 400 landlords, has also found that male and female landlords have different goals for their investments, with some 63% of female landlords saying that using rent for monthly income was their primary long-term business objective, rather than long-term capital growth, in comparison to 53% of men.
Women are also more likely than men to have become a landlord by accident, with under half (48%) of female landlords deliberate buy-to-let investors as opposed to accidental ones who have been drawn into property investment by circumstances more than design. Men, meanwhile, are more likely to enter the buy-to-let market deliberately, with 63% of males doing so out of choice rather than falling into the role accidentally.
Women, by contrast, were more likely to have become landlords after moving in with a partner and renting out their own (now empty) property to tenants to generate a steady second income and maintain the security of having their own home. Another way in which women have rather fallen into becoming landlords is the increasingly popular phenomenon of purchasing a property for a family member to live in, typically for children studying at university or those working in a major city and seeking more affordable rents.
What’s more, the research revealed that female landlords are more likely to provide privately rented homes to a wider and more diverse range of tenants than men. For example, 35% of female landlords said they would rent to recipients of housing benefits, while only a quarter of men (25%) would do the same. In addition, women were more willing to rent to pensioners, single employed people and students, thereby increasing the pool of potential tenants they can target their property towards.
While the evidence doesn’t match up to this, there may be an assumption and a perception that most landlords are male, so it’s interesting to see these two pieces of research which very clearly state otherwise.
Previously we took a closer look at research released by the Council of Mortgage Lenders, which was the largest survey of UK landlords ever undertaken – and this threw up some equally interesting insights into the priorities, makeup and profiles of the typical landlord. At Letting Solutions we are always eager to be abreast of such things, to ensure we are offering the correct type of services and keeping up with the latest trends and changes in the private rented sector.
As West Lothian’s first dedicated lettings agency, our job is to make the rental process as smooth as possible, from start to finish, managing tenancies on behalf of our clients and supporting landlords and tenants throughout.
For a mutually beneficial tenancy, landlords need to provide tenants with good, safe rental accommodation and react to any issues as quickly as possible, while tenants need to pay their rent on time, treat the property as if it was their own and run any questions or queries through the correct channels. Again, we act here as the bridge between tenants and landlords to ensure no issues arise and, if they do, to resolve them as amicably and as quickly as possible.
As a landlord, you want steady rental income and healthy rental yields – to increase the chances of that being the case you need the right support system in place to help you on your way. That’s where we come into play.
For more information about the services we provide, please give us a call on 01506 496 006. You can also receive a free and instant online valuation of your rental property by clicking here.