It has been 19 months like no other and we’ve all had to weather the storm in one way or another but what does autumn hold for the rental market? Well, there are clear signs now that the average rent in this area is rising for the first time in over 12 months which is positive news but that is not the only sign things are shifting.
We know that many of us have either experienced a change such as working from home or furlough or it may be that the very nature of our job and how we execute it has altered. Potential landlords thinking of investing in rental properties therefore have a legitimate concern about tenancies. Even if the tenant is in employment, is that company stable? Are they likely to experience changes that could impact their ability to pay the rent? After all those who go into investing in rental properties, want them to make an income. There are however lots of reasons to feel positive about lettings’ going forward, not least of all a much better than forecast economic recovery. The rental market is of course affected by demand and we’re now seeing a rise in the number of tenants wanting to rent in the area as the workforce returns to offices.
As demand starts to increase, it will be more important than ever to ensure your listing is visible. At James Estate agents we understand how important top quality marketing is for our properties. We list our properties on the best websites as well as utilising a range of additional marketing. We showcase your letting with photos and focus on what your property has to offer for a potential tenant. That means understanding what they are looking for such as transport links, schools and amenities. Viewings are always accompanied and we give comprehensive feedback to the landlord. When a landlord is considering which property consultant to use, it’s not just the marketing to think about. There are a lot of other factors in play. It’s not just about negotiating rental prices and managing the property. The landlord wants to know that the agent has a sound knowledge of their profession and can offer flexible fee packages. Rest assured all our lettings team are ARLA qualified and up to date with the Laws at all times.
With furlough ending, companies are calling staff back into their offices and demand for properties looks set to rise. Other factors such as a successful vaccination program, interest rates remaining low and the IMF predicting better than forecast economic growth, the rental market looks set to thrive again. When consumer confidence is on an upward trajectory, it’s definitely the time to get in on the ground and think about using your property as an investment.