New data released jointly by estate agency Savills and property portal Rightmove shows that the private rental sector has doubled over the past decade. The number of people renting homes has risen from 2.5 million in 2002 to 4.8 million today and it’s predicted that one in five households will be private rental by 2016.

This of course means there is plenty of opportunity for those who are considering entering the market as a landlord and for potemtial for those who already own rental properties to expand their portfolio further in order to meet demand. But, what kind of tenants should they be aiming to attract, and why?

The massive growth in the private rental sector is in part due to the widening demographic who are now renting. Where previously young professionals may have found themselves on the property ladder by their early thirties, many are now choosing to rent instead. This gives potential landlords even greater choice over who they tailor their properties to. Though some may buy and renovate a property without their target audience in mind, it’s worth having a specific demographic to target. This way you can make choices such as how you decorate and furnish right through to what kind of landlord insurance you are likely to need more easily.

In times gone by the student market may have been seen as a more reliable demographic; university towns and cities will always have students who need to rent. However, with number of young professionals looking to rent booming and this demographic often looking to locate in similar areas, landlords may be wise to target both markets. This may mean decorating and furnishing in a manner that adequately straddles the needs of both groups, but it could also help to maximise rental yield.

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