“What does the ideal Milton Keynes tenant look like?”, asked one of my landlords from Loughton the other day, to which he carried on before I could reply, “Let me guess, a professional couple, both in their 30’s, flawlessly tidy, pays their rent early, doesn’t complain or fuss, who has no plans to move and cheerfully accepts annual rent rises”.
Before I can answer that question properly, I have always believed all a landlord wants (and expects) of their tenants is to pay their rent on time and look after the property as if it were their own. In return, the landlord should provide a property that is warm, clean, modern and damp free and sort any issues (such as repairs) quickly and without fuss.
Back to the tenants – tenants tend to fall into several groups ... 20 something professionals; young and middle aged families; corporate tenants (ie their employer finds their employee a house to live in); students; older singles/couples and housing benefit claimants – and they come with different needs and wants. So choosing who best suits your Milton Keynes property – and steering clear of bad tenants – is a big factor in making property investment a success.
One topic that I am often asked is should they, as a landlord, accept tenants on housing benefit?
It might
interest the landlords of Milton Keynes that of the 15,930 private rented
properties in the local council area, 40.5% of the tenants of those properties are
on some form of housing benefit.
(6,465 properties to be exact). I know many landlords have suffered late rent payments with tenants on benefit, especially since 2008, when local authorities started paying housing benefit to tenants rather than directly to the landlords, but you can’t ignore the fact that housing benefit tenants make up a significant proportion of the Milton Keynes rental population. My opinion is that the final choice of accepting such tenants has to be the landlords but you can’t tar every tenant with the same brush (I will always give you a balanced opinion if ever asked).
Interestingly, it might surprise some readers of the Milton Keynes Property Blog, when we compare Milton Keynes to the national picture, Milton Keynes’s Housing benefit claimants are higher, as nationally a lower proportion of private tenants claim the benefit. Nationally, 39.2% of the tenants of the 3,891,467 rental properties in Great Britain claim some form of housing benefit (ie 1,526,915 properties).
Now, let us look at the occupations of Milton Keynes tenants, which makes even more fascinating reading. Of the 15,930 privately rented properties in the Milton Keynes area, 12,878 head tenants (the head tenant being classified as the head of the household) are in employment (the other 3,052 rental property head tenants either being retired, long term sick, students or job seekers).
Splitting those 12,878 head tenants down into their relevant professions, 5,559 of them are Managers, Directors, Senior Officials, Professional or Technical Professions, 1,231 in Administrative and secretarial occupations, 1,225 in Skilled Trades, 854 in the Caring, Leisure and other service occupations, 928 Sales and Customer Service Occupations, 1,086 Process, Plant and Machine Operatives and finally, 1,995 in Elementary Occupations.
The one thing I have always known anecdotally, but until I did my research, never had anything to back it up with, was the high proportion of professionals and skilled trades renting property in Milton Keynes – intriguing! Maybe in future articles, I will look deeper into the corporate tenant market, young and middle aged families, students and older persons rental markets.... but in the meantime, if you want more news, views and commentary about the Milton Keynes property market, there are many similar articles like this on the Milton Keynes Property Blog
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