In our most recent blog we discussed how the Scottish Private Rented Sector (PRS) is now at its largest ever size. Now, a recent parliamentary event has highlighted the high proportion of families that rent property privately.
The event, Out of Harm’s Way – protecting children in Scotland’s Private Rented Sector (PRS), highlighted the importance of landlords ensuring their rental property is electrically safe – especially as the amount of families privately renting is now higher than ever.
Hosted by Bob Doris MSP and Electrical Safety First, the event drew attention to some very interesting statistics. According to Shelter’s report: The case for Greater Security for Private Tenants in Scotland September 2013, parents with children now make up over a quarter of all PRS tenants, doubling in the last decade to 80,000 families – a figure which is still growing.
These figures underline the versatility of the PRS in the 21st Century, reinforcing the point that for landlords, there is an array of prospective tenants looking for all different kinds of properties from flats and apartments, to large detached houses.
The increased demand from tenant families opens the door (literally) for landlords with larger properties within their portfolios. The stereotype of rental property needing only being required for twenty-somethings waiting to get on the property ladder no longer remains.
On the other side of the coin is the highly lucrative and rapidly growing student rental market. A different type of proposition for landlords, student tenants pay an average of £90-£100 a week in Scotland, according to a recent report published by The National Union of Students (NUS).
The report also revealed that for 82% of students surveyed, fast broadband access was the number one extra selling point they look for when it comes to rental properties. This is perhaps comparable to additional garden or storage space which may be more desirable among prospective rental families.
These different markets within the Scottish PRS show that finding tenants can be straight forward as there is high demand and a kaleidoscope of potential for any property type in this dynamic and growing sector.
If you are thinking about renting your property, please contact us on: 0845 520 1420. Additionally, you can find out how much your property could fetch in monthly rents using our online free property valuation tool.