Renting to young professionals18-12-2023 | Property Occupants
The term ‘young professionals’ usually refers to adults aged 18-30, or university graduates now in the workplace. But why do landlords become involved with renting to young professionals ahead of student tenants, for instance?
Here, we at CIA Landlords explore the matter of landlords renting to young professionals in the private sector.
Times are tough and some people are struggling, but most working young professionals who decide to rent privately in the UK should have enough money to pay the rent in full. If a young professional tenant consistently fails to pay you rent and ends up in arrears, they could be in breach of their tenancy agreement.
Read our article here to learn more about how you can support your tenants during the cost of living crisis.
Lower risks of property damage
There is a lower risk of your rental property being damaged by young professionals compared to the risk posed by other tenants. They are after all professionals earning an income. Young professional tenants are more likely to stay for longer periods.
Lower maintenance rental tenants
Motivated young professionals will want to keep their living space organised and tidy to keep their minds fresh and focused when they head to work. They therefore are more likely to be more mindful about property maintenance and doing their bit to help keep the property respectable and clean.
Maintaining fluid landlord-tenant communication is important, especially if you decide not to use a letting agent as an intermediary. Young professionals of today tend to be well accustomed to using modern communication daily. Whether it be through emails, phone calls, text messages, or WhatsApp, you can expect faster responses and more fluid communication on property-related matters with young professional tenants.
Opportunities to receive higher rent
Career-minded young professionals in high-paid jobs may be prepared to pay more in rent to live somewhere with nicer home comforts, and this could potentially lead to impressive increases in your rental yields.
Young professionals are setting out on their career paths seeking stability. As a landlord renting to young professional tenants, you may therefore encounter a lower turnover rate and plenty of them being willing to sign longer lease agreements. Vacancy periods are of course a headache for landlords because no landlord wants to fork out for an unoccupied property they aren’t receiving rent for. Choosing young professionals can lead to fewer or no tenant vacancy periods in your rental property.
Check documentation relating to their employment
You can ask to see young professionals’ employment contracts, letters, or payslips to reassure yourself beforehand that as a new tenant, they will be able to pay you the rent on time. If you ask for ‘character references’, a young professional may use one from work, such as from somebody working in HR or a manager.
What is fair wear and tear of a rental property?
Just like with any other tenants, your rental property will experience fair wear and tear with young professional renters in situ. But what exactly does fair wear and tear mean? Wear and tear is reasonable deterioration that a rental property goes through over time due to everyday use during a tenancy. It’s all part and parcel of being a landlord and your responsibility for property maintenance and repairs.
Get a competitively priced landlord insurance quote from us at CIA today so you can provide the right robust coverage for your rental property with young professional tenants. They can be excellent tenants who take great care of looking after your property!
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