TWO THIRDS OF LANDLORDS LIVE CLOSE BY TO THEIR PROPERTIES
It appears that landlords are not only choosing to buy close to where they already live, but prefer to manage them day to day as well.
Two thirds of landlord live within 10 miles of their property, while analysis of 10,000 addresses shows one fifth are only a mile away or less.
Despite promise of higher rent yields, Simple Landlord suggests that familiarity with the area in which they live is one of the deciding factors.
The firm’s findings also show that 65% of the landlords questioned made a conscious decision to invest in property, while 17% become landlords “accidentally”. Meanwhile 9% are buying homes for family members, such as a child at University.
It appears that landlords are not only choosing to buy close to where they already live, but prefer to manage them day to day as well. 65% of landlords prefer to tackle any maintenance issues themselves.
Alex Huntley of Simple Landlords explained the findings, ‘We are seeing an increasing trend of savvy landlords taking direct control of how their property is let and managed and becoming much more self-sufficient,’
‘While it can be easy to bash landlords as faceless investors, these results show they are more likely to be part of the community they invest in and take a personal interest in making sure their property is well maintained and tenancies are long term,’ he said.
The poll revealed that 45% owned a single rental property while 40% owned between two and four. The percentage for those who owned over five homes was lower at 15%.
Some 45% of those polled owned a single rental property, while 40% owned between two and four properties and 15% said they have a portfolio of over five homes.
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