As a landlord, it is helpful to know the key factors that drive tenants moving home. Sometimes, there are major events or issues which cause people to leave an area. Job losses, or new jobs opening up in an area will often be the catalyst for many people moving home.
In cases like this, when people need to move quickly, and they want to get to know an area well before making a major commitment, the rental market is extremely busy.
There are many reasons for tenants to move home
However, you also have many personal reasons for people moving home, and again, this impacts the property and rental market.
Sadly, we will be dealing with the impact of the pandemic and lockdown for many years to come. Events over the past year have changed the way people work, live and socialise.
It is also fair to say that the events of the past year have likely changed many relationships, and relationship changes are a key factor in many people moving home and letting property.
Remote working and spending more free time at home has been helpful to some couples and families, but it will likely have placed other relationships under greater stress. There have also been financial concerns to worry about in the past year, and money troubles are also a common factor in relationship breakups.
Why are people moving home these days?
The rental market is still extremely busy in 2021, and Yes Homebuyers conducted a survey which outlines the reasons why people are moving home:
- Divorce or end of a relationship cited by 23% of respondents
- Relocating for personal reasons said by 21% of respondents
- A desire to have more space was said by 19% of respondents
- 11% of respondents said they were relocating for work reasons
The same Yes Homebuyers study also suggests searches for divorce guidance have increased by 25% due to COVID-19, and enquiries with divorce specialists have risen by 122%.
The housing market will remain active
Some of the other reasons for a property move include:
- 11% of people said they were moving for financial reasons
- 6% of respondents said they were downsizing to a more manageable property
- 2% of people were moving after getting married
Matthew Cooper, Founder & Managing Director of Yes Homebuyers, commented: “There are a number of key life events that cause us to move home and unfortunately, divorce is one of them. We’ve seen a number of reports around a spike in divorce proceedings and breakups due to the additional stress placed on relationships during lockdown. So it’s no surprise that it ranks as the driving factor for home moves at present with Covid causing restrictions in other areas of life such as marriage and relocating for work. For some, a breakup will mean a double whammy of leaving their partner and a home they love, but luckily the number of us forced to leave a property we would prefer to stay in remains rather low. However, it says a lot about us as a nation of bricks and mortar lovers when having to leave a home is more upsetting than leaving the person we shared it with.”
If you are a landlord in or around Peterborough, and you need assistance in managing your rental property, we can help. We know these are challenging times for landlords, but there is a demand for rental property. When you need guidance in the local market, contact Just Lets Peterborough today, and we will be happy to help you.
You can find Just Lets Peterborough at 142 Oundle Road, Peterborough, Cambridgeshire, PE2 9PJ. Feel free to email us at peterborough@justlets.com or call us today on 01733 346255.
