Considering the nation's obsession with news about interest rates, the housing market and property prices, it is easy to see why tenants and the world of renting property are often forgotten. Although fewer than 1 in 10 homes are privately rented, this figure does not include the millions of council tenants, students and residents of homes that are rented out through professional lettings agents.
With property prices so high these days, it is not surprising that many people still find themselves unable to buy, or else choose not to take that first step on the housing ladder. For others, it is a logical choice given their way of life. We have identified 6 main groups that will often be found renting property. If you rent property but feel that you don't fit into any of these groups, please let us know and we will make sure you get a mention.
If you would like to use our interactive 'buy or rent' calculator, which will help you decide the relative financial merits of buying and renting over a given period of time, please click here to visit our calculators section.
One of the largest groups of tenants has traditionally been - and still is - those who rent their home from the local council. For many people, housing benefit is an essential part of life - they simply would not be able to afford to meet the cost of privately rented accommodation. The unemployed and those working in low paid jobs form the bulk of those people who rent from either the government or a housing association, as well as the small minority who are looking to play the system.
This is a large and quickly growing group who are now responsible for the lion's share of the demand amongst private landlords and professionally let properties. The three principle drivers for professional sharers renting rather than buying would see to be:
Although it is becoming increasingly popular for parents to enter the buy-to-let market by buying a house for their university-bound child to live in, the vast majority of students live in accommodation that is rented privately or from the university. This includes the large number of foreign students that come to live in the UK each year and medical and dental students that live in special accommodation.
The corporate rental market is booming, as landlords are waking up to the fact that a whopping premium can sometimes be gained from leasing your property on a short term let. Major blue chip companies are always looking to house people in temporary accommodation for the duration of a contract or project. These are people who will rent at the higher end of the market, often coming to work in the UK from abroad or relocating from elsewhere in the country.
There are three main groups within this category:
Like it or not, the criminal fraternity is a recognisable social group that is not averse to renting property, especially in inner city areas. As our lettings insider tells us, dodgy dealers, pimps, prostitutes and all kinds of creatures of the night can be found renting the properties of unsuspecting landlords.