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.
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