Number of ‘Part-Time Landlords’ on the Rise in the UK

A recent surge in the number of people across the UK renting out a property as a means of supplementing their income has seen many pointing to the development of a ‘Part-Time Landlord’ culture in the property market.

By letting properties alongside their main occupation, such landlords are estimated to receive an average of £678 per month from rent collection, equating as a whole to almost £28bn per year in the UK.

Now, over 7% of adults in the UK are members of this part-time revolution. With approximately 60% of the rent they receive spent on various overheads, a remaining 40% can be taken as a healthy profit each month.

So - what are the reasons behind this developing trend? Well, the majority of the 7% are in fact renting out their old home, having moved into a new one - with this sizeable 55% of those surveyed often referred to as ‘accidental landlords’.

Other reasons include moving in with a partner and not being able to find a buyer for their own property, and deciding instead to go down the rental route. Finally, many have taken the step simply as a form of adding to their income - building a portfolio and a reputation as they steadily accumulate rental properties.

However, balancing the responsibilities of owning and managing a rental property alongside full-time work is no walk in the park, with many of the UK’s part-time landlords now turning to letting agents for expert advice and property management services, as they seek to comply with the complex and varied regulations which rental properties carry.

Own and part-time manage a small number of properties? Find out more about our hassle-free property management.

 

Hans Nieuwkerk

Residential Manager