“What does the ideal Melton Mowbray tenant look like?”, asked one of my landlords from Thorpe Arnold the other day, to which he carried on before I could reply, “Let me guess, a professional couple, both in their 30’s, flawlessly tidy, pays their rent early, doesn't complain or fuss, who has no plans to move and cheerfully accepts annual rent rises”.
Tenants tend to fall into several groups ... 20 something professionals; young and middle aged families; corporate tenants (ie their employer finds their employee a house to live in); students; older singles/couples and housing benefit claimants – and they come with different needs and wants. So choosing who best suits your Melton Mowbray property – and steering clear of bad tenants – is a big factor in making property investment a success.
One topic that I am often asked is should they, as a landlord, accept tenants on housing benefit?
It might interest the landlords of Melton Mowbray that of the 2,738 private rented properties in the local council area, 27.1% of the tenants of those properties are on some form of housing benefit.
Nationally, 39.2% of the tenants of the 3,891,467 rental properties in Great Britain claim some form of housing benefit (ie 1,526,915 properties).
looking at the occupations of Melton Mowbray tenants, of the 2,738 privately rented properties in the Melton Mowbray area, 2,202 head tenants (the head tenant being classified as the head of the household) are in employment (the other 536 rental property head tenants either being retired, long term sick, students or job seekers).
Splitting those 2,202 head tenants down into their relevant professions, 773 of them are Managers, Directors, Senior Officials, Professional or Technical Professions, 148 in Administrative and secretarial occupations, 381 in Skilled Trades, 185 in the Caring, Leisure and other service occupations, 93 Sales and Customer Service Occupations, 349 Process, Plant and Machine Operatives and finally, 273 in Elementary Occupations.
The one thing I have always known anecdotally, but until I did my research, never had anything to back it up with, was the high proportion of professionals and skilled trades renting property in Melton Mowbray – intriguing! If you are considering investing in property please feel free to give me a call for honest opinion on potential rental returns.