In recent months, York has seen a massive increase in the availability of rental properties. Current trends in the property market confirm that more people are instead looking to rent as oppose to buying a home.
So why are people, especially the younger generation and first time home owners instead opting for rental route?
The main reason is the fact that young people simply can’t afford the increasingly expensive property prices along with the large deposits and mortgage payments that come with buying a home. Regardless of the recent signs that the economy might finally be returning to a state of stability, the reality is that the availability of mortgages has dropped by 75 per cent for first time owners in the past five years.
The advantages of renting your next home
Although many people aim to eventually purchase and own a property, renting has a great deal of benefits to help you get to that stage.
- Financially viable. Often a much more affordable option, renting a property usually requires a noticeably smaller deposit and smaller rent payments in comparison to those of a mortgage. Outgoing bills are often also included within the monthly rate which avoids hidden costs that can arise when purchasing a property
- Flexibility. As when you buy a home, contracts will need to be signed. However it is much easier to move out to a different property if you are not tied into a mortgage arrangements and contracts. When renting a property, you will usually only have to give two to three months’ of notice that you wish to leave before moving out
- Simplicity. You may also opt for a property that already comes fully furnished – which is ideal if you don’t have the time or funds available to shop around for new furniture. With outgoing bills, taxes and furniture all included, it’s understandable why many young people opt to rent instead of buy.
Properties for rent in York
With the rental market constantly expanding in York and surrounding areas, the housing market is your playground. Small apartments and flats through to larger family homes are available for varying prices to suit your budget accordingly.
The same protocol should be followed when renting as with buying a home. A range of estate agents, solicitors and property surveyors in Leeds, York and the local area will be on hand to ensure your move goes smoothly.
- David Moor offers a full estate agent service, including weekend and evening escorted viewings, website advertising and floor plans on sale details. For a friendly, helpful and affordable service, choose David Moor for your property needs.
Another advantage of Renting is that you can market the property yourself. Around 50 per cent of landlords decide to go it alone and save theselves the expense of a letting agent. As always there are pros and cons. If you are finding tenants privately, you will have to show them round the flat and check and vet them yourself. Yes you can save yourself 1 months rent. I was using a website called spare room to find my tenant but now i use a website called http://www.cityflatpals.com. A flatsharing website for the UK market.
A further factor contributing to the increase in available rental property is the phenomenon of so-called “accidental landlords” – people who are effectively forced to rent out their homes because they need to move and have been unable to sell their property at a price they are comfortable with. We have seen a big increase in such landlords, particularly in out-of-town areas.