Honourable and personal residential letting experts

4Feb

What is happening with the local rental market?

The local rental market has changed dramatically over the last 8 months. If you have had a property that has recently been marketed, you would have seen an above-average increase in the rental achieved, as well a drop in the void period.

It is all down to the fact that there are 37% less properties to rent on the market, but the same number of people looking. Demand is at an all time high.

In December, we saw a drop of 25% in void periods and an average increase of 8% on rentals achieved. However, where Landlords had put in new carpets or repainted, we saw the rental increase by up to £230 a month.

In the local rental market, we have also seen the highest number of drop outs from people agreeing to take on a property, then subsequently finding another home and dropping out of their first choice.

This is due to two factors.

  1. Because demand is so high people have a tendency to take the first property that looks to meet their needs. Whilst referencing is happening they find another property that is more suitable so drop out of their first choice.
  2. Due to the tenant fee ban there is very little consequence monetary wise to the tenant. This was something predicted by the industry from the start

In order to cater for the higher demand, we have adapted the way that we market properties in order to give a larger audience a chance. Tenants’ behaviour has also changed, in that we now receive very detailed information on why they would be suitable for a property. This is to make sure they get on the landlords list to choose .

Where we have tenants in situ and the tenancy comes up for review, we have been achieving an average of 5% increase on the year before but again this will depend on any redecoration or upgrades that have been carried out over the last year.

Want to know where your property sits?

If you would like to understand what the market rate is for your investment property, just give us a call on 01480 494939