“What does the ideal Grantham tenant look like?”, asked one of my landlords from Barrowby 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”.
Before I can answer that question properly, I have always believed all a landlord wants (and expects) of their tenants is to pay their rent on time and look after the property as if it were their own. In return, the landlord should provide a property that is warm, clean, modern and damp free and sort any issues (such as repairs) quickly and without fuss.
Back to the tenants – 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 Grantham 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 Grantham that of the 7,653 private rented properties in the local council area, 32.7% of the tenants of those properties are on some form of housing benefit.
Interestingly, it might surprise some readers of the Grantham Property Blog, when we compare Grantham to the national picture, Grantham’s Housing benefit claimants are lower, as nationally a higher proportion of private tenants claim the 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).
Now, let us look at the occupations of Grantham tenants, which makes even more fascinating reading. Of the 7,653 privately rented properties in the Grantham area, 6,069 head tenants (the head tenant being classified as the head of the household) are in employment (the other 1,584 rental property head tenants either being retired, long term sick, students or job seekers).
Splitting those 7,653 head tenants down into their relevant professions, 2,175 of them are Managers, Directors, Senior Officials, Professional or Technical Professions, 473 in Administrative and secretarial occupations, 921 in Skilled Trades, 558 in the Caring, Leisure and other service occupations, 368 Sales and Customer Service Occupations, 783 Process, Plant and Machine Operatives and finally, 791 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 Grantham – intriguing! Maybe in future articles, I will look deeper into the corporate tenant market, young and middle aged families, students and older persons rental markets.... but in the meantime, if you want more news, views and commentary about the Grantham property market, there are many similar articles like this on the Grantham Property Blog