As with every occupation, when you mention to someone a job title, an exact image of what such a person in that position looks like springs to mind.
A lawyer? Smart suit, tie and suitcase. A chef? White outfit, apron and hair tied back. Landlord?… What does the average landlord ‘look’ like?
Although the life of a landlord often involves a busy schedule, from property maintenance, to new tenant paperwork, many also have other full time careers. In fact, a study by online letting agent MakeUrMove has revealed that two thirds of landlords also have what many would refer to as a ‘normal’ job.
So, how would you describe the appearance of the average landlord? There is a public view that landlords are mostly money grabbing and, therefore, rich. However, this study shows that over half of landlords only own one rented property, pointing out that it is a misconception that most landlords are wealthy.
Varying from builders to nurses, retail managers to postal workers, the majority of those questioned actually let properties as a subsidiary income to their main occupations.
This study also highlighted that only 5% of landlords own five or more properties. Only 18% became landlords with the intention of building a property business. 16% became involved in the private rented sector as a landlord due to the inheritance of a property, and 22% responded that they became landlords due to other accidental and unplanned circumstances, such as separating with their partner, or being unable to sell a property.
One landlord said: “Not all landlords are in it to make masses of profit, some of us rent out our homes – which weren’t bought specifically to rent out – as it is the best option, and we make our tenants feel welcomed and happy in our home.”
Alexandra Morris, managing director of MakeUrMove, said: “These figures shed some light on what British landlords really look like. The reality is that wealthy, multi-property owning landlords are quite rare. Most landlords are ordinary people working in regular jobs who are renting out a property to try and save for their retirement or to supplement their main income.
“With 53% of landlords owning one single property, it’s clear that most landlords are not living off a portfolio of properties. They work as electricians, taxi drivers, hairdressers or social workers – they are just regular people who want to maintain healthy, stress-free relationships with their tenants.
“We’ve found that a good number of landlords fell into renting their property through unforeseen circumstances such as inheriting a property or struggling to sell their own house. Many of these landlords start on a consent to let mortgages and later become buy to let mortgage holders, having a mortgage on the property means they are forced to pass on the costs to their tenants.”
Further to this, the research found that 40% of landlords had been in the industry for only three years or less. Many admitted to being new to the market, lacking in understanding of laws and regulations. For any new landlords who happen to be reading this article, or, indeed, any others who simply wish to further their knowledge, Landlord News is an excellent free source of information and advice.
Alexandra added: “The private rental sector (PRS) is undergoing significant changes at the moment, with the Government bringing in a tenant fees ban, considering ending no fault evictions and introducing new regulations relating to houses of multiple occupancy, all designed to improve the lives of tenants.
“With so many landlords having come into the role by ‘accident’ and owning only a small number of properties it’s vital that the important work of protecting tenants is balanced with the need to support small landlords who make up the backbone of the PRS.”
We would also like to point out the importance of ensuring that your property has the protection it needs, which is why we offer the widest Landlord Insurance available as standard, with 40 essential covers.