The landlord community is increasingly comprised of new entrants to the market. That’s according to a recent survey conducted by Endsleigh into the private rental sector.
The research found that 57 per cent of landlords have been letting for five years or less. What’s more, over a quarter of those surveyed had only been in the market for less than two years.
Of these newcomers, 39.2 per cent became a landlord after buying another property and continuing to let out their old one. This suggests an increasing trend towards part-time or ‘amateur’ landlords entering the market.
The results also suggest a heightened commercial attitude of more experienced landlords. 43 per cent of respondents had been a landlord for five years or more. Of these, 57 per cent let out properties for commercial reasons, such as investment, or to supplement their pension.
With so many newcomers, it’s never been more important for landlords to understand their responsibilities. From legal and regulatory requirements, to property maintenance and tenancy agreements, there's a lot to keep track of. Tenants have a right to live in a safe and secure environment and it is up to the landlord to ensure that their property is fit for purpose.