Why do people rent?

Our lettings team at Benson Bunch has won the best lettings agent in both Wilmslow and Alderley Edge for 2020-2021. This year we are also experiencing a busy rental market and we are always expanding our network and database. We do often get asked why the rental market is so busy at the moment and why people tend to rent instead of buy. Although people think the obvious answer is that people rent because they cannot afford to buy a property, we often see a lot of different reasons for this decision.

Work 

We often get professionals looking to rent due to work reasons. They have had to relocate to the area due to work, but go back to their family home on the weekend, or do not want to buy in the area they work. In addition sometimes they only move for work for a short period of time which makes buying unsuitable. We also often deal with company lets, in which a company organises accommodation for their employees while they work in the area.

Lifestyle

Renting also tends to work better with a flexible lifestyle. Especially Millennials tend to enjoy travelling and moving around and do not want to be stuck in the same place for a long period of time. This, as well as how we have gotten used to working from home during the pandemic means people can live and work from anywhere in the world.

Insurance Claims

We have also had applicants looking to rent a property due to insurance claims. For example, floodings or other issues in their own home had to be dealt with making the property unsuitable to live in. Insurances are then responsible to cover alternative accommodation while they deal with the claim.

Building works

Sometimes people rent a property because they are having work done on their main property. This can vary from small building works to full on renovations- or they are building a property from scratch. In this case the applicants sometimes look to rent for a period of 6-12 months depending on the work.

Relocation

Sometimes families relocate for work reasons or because they want their children to attend certain schools. When relocating from out of the area or even out of the country, they often prefer to rent for a while so they can get to know the area before committing to a purchase. In addition, when people move from abroad they might need to wait for visas or other documentation and organise their finances before they are ready to buy.

We are seeing an increase in tenants renewing their current contracts, meaning tenants tend to stay a lot longer in their properties. This is great for landlords as it secures a stable income for a longer period of time, as well as suitable and reliable long term tenants. We still have an extensive database of qualified tenants looking to rent a property in the area. If you are thinking about letting out your property, please contact us for more information on our award winning property management services or a free valuation.