Skipton International has released a guide for landlords on renting to ‘millennials’ – those it defined as being born between 1981-2000.
The guide details how younger millennials tend to be happier house sharing with a group of friends, so it’s worth looking at properties with robust fixtures and fittings, sufficient living space and more than one bathroom.
It said older millennials are more likely to look for a property on their own or with a partner, meaning one or two bedroom flats are usually the name of the game.
Nigel Pascoe, director of lending, Skipton International, said: “Millennials are one of the largest groups of people renting property in the UK. Many will be renting from the time they leave university and start their first jobs, until they are well into their 30s when they may buy their first home.
“With millennials renting for an increasingly long period of their lives, their needs change significantly during this time. It can therefore be helpful for landlords to consider what millennials at different life stages want when purchasing a new buy-to-let property.”
In the first seven months of 2017 Skipton International had over £500m of online enquiries for UK buy-to-let mortgages – a 130% increase on the same period in 2016.
Pasoe added: “As our recent mortgage figures show, UK buy-to-let remains a very desirable long term investment for British expats.
“There are many things to consider when buying a property to rent out, but understanding what potential tenants might want can make this a little easier.”
The renting to millennials piece followed a guide on the government’s changes to mortgage tax relief.
The full guide can be accessed here.