Being a landlord has its responsibilities. If you are new to the role there is a lot to learn to help smooth the process out. Ideally, you want tenants that pay their rent, look after the property and stay in it as long as possible. It is important to learn a little about your target tenants and this guide should help you along your way.
1. Young professionals
Most young professionals rent as they cannot afford to buy property yet. Since they are renting they want to be close to where they work or socialise to minimise commuting times. Many will use this opportunity to rent a property that they cannot afford to buy. Some will want to live on their own, but others will want the social element of living with a friend.
The latter probably will search for properties with equal sized bedrooms for the sake of fairness. The length of tenancy will vary and it dictated by a change in job or if a deposit has been saved to invest in their own property.
Like young professionals, many locals rent as they are not able to buy property. Often choosing locations near to their families or even close to working if they require just a weekday residence if the commuting distance is too far from their family home. Typically, their budget will be lower but it will entirely depend on their employment status and the size of their family.
This demographic makes up a fair chunk of the rental market. Assigned to a country for a set period it makes little sense to buy property, so they rent instead. Some may receive a housing budget which is particularly attractive as a landlord as it provides peace of mind to know that the tenant has the funds to pay their rent. Note that not all expatriates have a set assignment length so they may stay in the country longer than they envisaged, such as retirees.
Whether these are local or expatriates many families will want to live close to where their children go to school. This will be of paramount concern as well as facilities to keep their children occupied when at home. The turnover of expatriate families will be in line with school holidays so there is a more noticeable exodus over the summer period for minimal disruption for the children.
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