“According to new data, demand for rental properties in the UK is up 11% annually while supply has dipped 13% over the same period causing almost 5 tenants chasing each rental property.”*

Michael Clarke-MARLA-LettingI think locally we saw a slight downturn in demand towards the end of last year and the beginning of this year but then the latter part of February we saw a sharp increase in demand.

I think this goes to prove that landlords need to take a flexible approach and follow the market. This might mean taking a slightly lower rent to fill the property but the chances are this will be made up at the time of renewal.

“Looking back over 2014, the average UK rental price for properties, excluding London, up 5% on average from 2013.”*

Certainly over a longer period rents will increase but it is worth remembering that it depends on demand and also what other properties are available at the same time.

For example if demand is good and yours is the only one of its type available then you stand a very good chance of getting a good rent quickly. However if demand is not so good and yours is one of several properties of a similar style all available at the same time, this is when landlords need to be flexible and adjust the asking rent accordingly.

For advice on managing your rental property to get the best results call our lettings team on 01252 514000 or email lettings@mackenziesmith.co.uk.

 

*http://www.propertyreporter.co.uk/landlords/5-tenants-chase-every-rental-property-claims-new-report.html