With more rental properties on the market, what should renters look for?
- 1st December 2016
- Renting Property News
Renting through an established estate agent gives tenants peace of mind above all else
With tax changes and the Brexit vote, there have been several changes that could affect the lettings market this year – leaving even crystal ball gazers wrongfooted.
Another piece to add to the jigsaw is the supply of rental properties, which has gone up by 11.4% in October after a drop in September.
This suggests that landlords may have taken all the changes on board, drawn a deep breath – and decided that BTL was very much still for them.
Increased numbers of rental properties on the market is coming from ‘discretionary landlords’, who may have considered selling, but decided to put their properties up for rent, spurred on by the established letting market and the low fixed interest buy to let mortgages available. This gives them the opportunity to release equity in their existing home, still move, and make an investment in the buy to let market
This is good news of course for those looking to rent as they should have more choice.
So what would we advise potential tenants to look out for?
There are major advantages in renting through an experienced and well established agency. Being a member of the Association of Residential Letting Agencies, as we are, helps to ensure a high level of professional standards.
More specifically, at ludlowthompson, all clients can sign up to our MyAccount system which provides a whole range of benefits. For example, through MyAccount tenants can report the need for repairs on-line 24/7 and if they are seeking properties can sign up for instant text and email property alerts.
For further security still it is a good time to look for longer-term lets, which are a win-win for both tenants and landlords alike.
Renters gain peace of mind above all else. During a fluctuating employment market long term tenancies give renters an established address, makes them immediately available for interviews and starting employment, and gives them a fixed rent for the duration of the lease.
Landlords are happy because they enjoy the security that long-term lets offer too. Longer tenancies drive higher net returns, with for example, a three year tenancy driving a higher 0.5% net return compared to the equivalent annual tenancy even at a fixed rent.
For further security still it is a good time to look for longer-term lets, which are a win-win for both tenants and landlords alike
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