According to a new report, millions of young families are turning to the private rented sector for their housing needs and the numbers are set to rise.
This is due to rising house prices, falling wages in comparison to inflation and difficulty raising the large deposit needed to obtain a mortgage.
Analysis shows that over the last five years the number of families with children renting privately has soared by 86% - this increase is more than double that seen across all households (41%)
The Cambridge University Study predicts that this trend away from home ownership towards renting will continue apace over the next decade unless the economy improves significantly.
In Ipswich and Woodbridge, demand for good quality family homes to rent is very high, according to JSM Property. Three bedroom terraced homes let for around £600-£750 per month with four bedroom detached homes attracting rents from £850 up to £1500 monthly.
Says JSM’s Ipswich & Woodbridge Branch Manager, Elaine Dunlop: “Ipswich and Woodbridge have a great selection of good quality primary and secondary schools, as well as the new flagship learning centre for 16 to 19 year olds, Suffolk One. There are also excellent shopping facilities and many good parks in the area - including Christchurch Park with its family days, music festivals, films and activities - making this a very attractive area for families.”
With demand so high, now is an excellent time for investors to enter the lettings market. To attract families, properties must be well-presented, with an enclosed outdoor space, a modern kitchen and bathroom, and neutrally decorated throughout.
Many families are looking to rent for an extended period of time and are naturally discerning; they want somewhere they can
enjoy living and make into a home. With the right advice on presentation, location and setting the correct rent, investors will be set to benefit from long-term strong demand for family homes.
JSM Property are members of ARLA and SAFEAgent, and have more than 20 years experience specialising in residential lettings. For advice you can trust on all aspects of renting or letting in your area please contact your local JSM branch:
Ipswich – 01473 214441
Woodbridge – 01394 380218