The demographics of Richmond’s population

Understanding the population size, age, employment rate, education level, and volume of renters versus homeowners in the area can give insight into the potential demand for rental properties. The crime rate in the area can also be an important factor to consider for both the safety of your tenants and the overall security of your investment.

Population 

Richmond has a population of approximately 200,000 people. This is significantly smaller than the average London borough, which is around 325,000. However, the population of Richmond is growing at a steady rate, with an estimated 2.5% population growth in the last year. This growth in population can indicate a potential increase in demand for rental properties.

The age of the population in Richmond is relatively older compared to the UK average, with a median age of around 40 years old. This can indicate a more stable population with a higher likelihood of renters looking for long-term rentals. Also, there is a relatively low number of young people aged between 20-34 years old, which is a demographic that is more likely to rent.

Employment rate & Education 

The employment rate in Richmond is high, with an estimated 75% of the population being employed. This is on par with the average employment rate in the UK. This high employment rate can indicate a higher demand for rental properties from working professionals. The education level rate is also relatively high, with around 42% of the population holding a degree or higher, which is higher than the national average of around 27%. There are a significant number of students thanks to several nearby universities, which can indicate a potential demand for rental properties from students.

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Renters vs Owner occupiers

The volume of renters versus homeowners in Richmond is relatively low, with around 30% of the population being renters. This is lower than the national average, which is around 34%. However, this lower number of renters can indicate a more stable population, with a higher likelihood of renters looking for long-term rentals.

Crime rate

The crime rate in Richmond is relatively low, with a total of around 1,500 recorded crimes in the last year. This is lower than the national average, which is around 4,000 recorded crimes per year. This low crime rate can provide peace of mind for both tenants and landlords, as well as potentially increasing the overall security of the investment.

Conclusion

There are several key demographic factors to consider when investing in a buy-to-let property in Richmond. The population size, age, employment rate, education level, volume of renters versus homeowners, and crime rate can all provide insight into the potential demand for rental properties in the area. The relatively low crime rate in Richmond can provide peace of mind for both tenants and landlords, as well as potentially increasing the overall security of the investment.

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