Why Young Professionals Love York

York has plenty to offer its residents, many of which are young professionals looking to start (or continue) their career. But who are these young professionals? Why is York so popular with them? And what can landlords do to make their own properties more appealing? Thanks to our experience as a letting agents in the York area, we know the answers to all these questions.

Who are these young professionals?

man in blue business suit

The term refers to young people between 18 and 34 who are in work, white-collar or otherwise. Originally it referred to recent graduates who were in professional careers. This still applies, but recently the term has broadened out to include more job types.

Young professionals often have a positive impact on an area they move to. They can increase a local area’s tax base, and even produce something of a snowball effect. The presence of young professionals in an area can attract additional ones, which infuses it with significant amounts of talent and young energy.

Recent stats from Plum Plot (a data visualisation tool) show the average age is relatively high in a lot of York’s areas. The average age in Heworth, Heslington, Fulford, Clifton and the city centre is over 30. Layerthorpe, however, is very popular with the under 30s.

York as a whole is very popular with young people; it has one of the largest concentrations of 18–24 year olds in the entire country. The city’s two universities attract many of them, with more than 8,000 students enrolled at the University of York in 2018/2019. After graduating, many students remain in York to start their professional careers.

Why do young professionals love York?

people crowded around laptop

We know what brings young people to York, but what keeps them here? There are several reasons York is such a popular destination.

The opportunity

As we’ve discussed before, York is a great choice for entrepreneurs at the moment. A number of sectors such as food and tourism are thriving in the area, and many entrepreneurs are looking for young professionals to join their business. We expect demand for young talent to grow in the foreseeable future.

York can also boast a high employment rate of 79%, compared to Great Britain’s average of 75%. 23% of York residents are in professional occupations, while Yorkshire has 18%. The rest of the UK has an average employment rate of 20%.

The rise of York’s digital and specialist industries

York has been taking a proactive approach to attracting new talent. Make It York are the driving force behind this, though they in turn were inspired by another group called Science City York. This group promotes business growth in areas like bioscience, IT and the creative sectors, via funding, workshops and other channels. Their efforts seem to have paid off; last year, York Press reported there were more than 1,500 York businesses involved in creative industries.

The rise of York’s business sector

Make It York and Visit York have been helping to establish the city as a top business destination. One of the key events they’re involved in is York Business Week: established several years ago, this annual get-together supports businesses through conferences, seminars and networking opportunities. Elsewhere, York College have set up a new Business Community Network, which aims to bring together professionals from York and nearby areas.

How to attract young professional tenants

With plenty of reasons for young professionals to stay, there’s a massive demand for York rental properties. Landlords can attract young professionals to their properties by following these guidelines.

Understand the area

While lots of young professionals in the area are York graduates, many will come from outside York instead. You can make your property stand out by helping them get to grips with the area. Highlight local amenities, transport links and anything else that makes your property appealing to a professional.

At Quantum we support our landlords with our location guides (available here) which offer insights into York’s key areas. Since we’re a letting agents in the York area, we’re also well-informed about the city’s local trends, and what makes an area popular. Feel free to get in touch if you want to brush up on your knowledge.

Offer the right tenancy

You can attract young professionals by looking at the details of the tenancy you offer. Young professionals often need to move around the country for their career’s sake. This can make long tenancies a hard sell, so consider offering shorter tenancies or a break clause in your tenancy agreement. Tenants can’t end a tenancy early without both a break clause and their landlord’s consent.

Think about the property type

Houses and flats can both be suitable for young professionals. If you have a house to let, think about running it as an HMO, or House in Multiple Occupation.

In simple terms, an HMO is a property with multiple households living in it at once. They’re attractive to students and young professionals, as well as ‘digital nomads’ who can work without a fixed location. You can read more about HMOs in our guide to the subject.

Two-bedroom homes are York’s most popular property type, but flats continue to grow in popularity as well. We can expect to see more flats being built in York over the next few years; York Mix reports that an area near the railway station is to be developed, and affordable homes built on the land. A flat in the right area could be the perfect choice for the right professional!

If you need a better understanding of York’s property market, you can check out our spring and summer property market insights.

Consider furnishing your property

Furnishings (or a lack of furnishings) are a key factor in a professional’s property hunt. Many young professionals will be coming straight from university, or from a let that came with furnishings included. As such it may be worth furnishing a property—including appliances and white goods—before you start showing it.

Landlords can charge higher rents for properties with furnishings in them. However, you are responsible for repairing or replacing the furniture if it gets damaged or worn out. Your tenants may also expect a certain standard of quality, depending on tenancy length.

You can read more about the merits of furnished and unfurnished properties in our previous article.

Today, York offers plenty of letting opportunities for landlords. However, in order to draw young professionals to your property, you need a good understanding of why they’re in York to begin with. You should also ensure your property has the right mix of qualities (and amenities) to attract young professionals in the long term.

Whether you’re in York as a landlord or a young professional, we at Quantum are here to help. We’re a letting agents in the York area, that’s pleased to offer a comprehensive managed letting service.We can collect rent, discuss maintenance issues with tenants, and keep you updated on any issues that arise. If there are any post-tenancy issues (like tenants leaving the property in a mess) we can resolve these in a friendly, professional manner.

If you’re looking for a place to rent instead, you can take a look at our range of rental properties. Quantum’s ethos is to treat each property like it’s our own, and we’re very selective with which properties we take on. This ensures each property on our site reaches its full potential.

Get in touch with today on 01904 631 631. We look forward to helping landlords find the perfect tenant for their property!

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