The current market conditions are driving tenant demand across the UK, meaning now is a great time for landlords to rent their properties. Or increase their current rents.
Priorities have changed and people have been looking for properties located in areas that suit their lifestyle. As offices continue to open their doors slowly but steadily to their employees, more prospective tenants draw interest in prominent cities.
Workers and students returning to major cities are helping to fuel a rise in rental demand across virtually all major UK cities, according to new research and data.
To make the most of this emerging trend, it is essential that landlords prepare properties effectively to ensure they are legally compliant and attract the best possible tenants.
The current factors increasing tenant demand
Over the coming months, we strongly anticipate an even higher boost as many tenants look to secure a property ahead of the new year for a fresh start.
Tenant demand is at record highs, and this is great news for landlords in terms of occupying their properties and charging higher rents.
As a landlord, the main goal is to have your property occupied by a tenant so you can receive regular rental income, so the fact that there is an increase in tenant demand is promising.
Depending on the time of year and the area of a property, tenant demand can vary. Propertymark recently stated that there has been an increase in rent prices for the second month in a row. Some 79% of agents said landlords increased rents. Compared to 71% in July, making this the highest rate increase on record.
The property website Zoopla also discovered that average rents across the UK outside of London rose by 5% over the year to the end of July, increasing the average annual rent up to £450. This is the biggest increase since Zoopla’s index commenced in 2008.
During Q3, rental demand increased across most major UK cities. The greater demand for rental homes within major urban areas could be partly due to the new academic year commencing in September. Students returning to face-to-face education contributed to the increase in numbers as renting is highly popular among this demographic.
While demand from prospective tenants is high and stock levels of available rental homes are low. Now is a great time to let a property.
Make the most of the current market
We often find that when a new property enters the market multiple tenants wish to view the property. When this happens, we create open or bulk viewings on the same day. This helps to speed up the letting process as it encourages urgency and competition among tenants. Allowing us to select the most suitable tenant for your property.
Here at Harringtons Lettings, we strongly advise that landlords do not solely rely on the housing market to secure tenants. There are many adjustments landlords can make right away to make your property more desirable. Making them more likely to proceed with a transaction.
Touching up the interior of your home, decluttering and cleaning should be done before any viewings. Also, as a landlord, it is your duty to ensure that the home meets industry standard. In addition is compliant with all the rules and regulations governing the lettings sector.
Choosing a local letting agent is one of the most important decisions that a landlord can make. A reliable agent will know the latest property trends and regulations. They will also provide useful information including the value of your asset or investment.
Although we specialise in a wide area across Sussex, including Brighton, Hove, Portslade, Shoreham, Worthing, Lewes, Peacehaven, Seaford, Newhaven, and Eastbourne. We are also able to offer management across the whole of the UK.
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