The rental market is being rocked by stormy seas with changes in legislation and international economic factors all causing turbulent waters but as long as landlords and tenants remain sensible and allow common sense to prevail, the rental market will remain buoyant.
Looking at the market from a landlord’s point of view, there is no point in holding out for the asking rent based on what it might have been achieving last year, when your property is empty. It is important to follow the market down as well as up to ensure occupancy. An empty investment property is not a good investment and whilst you might have to take a lower offer to get the property let in the short term, this can be reviewed at the renewal stage. In most cases it is far better to get some rent coming in, rather than no rent at all.
Equally, from a tenants point of view, if your landlord is proposing a £50.00 per month increase, you can of course negotiate but compared with the cost and hassle of finding a new property it is worth at least considering the increase.
Here at Mackenzie Smith, we pride ourselves on attracting the very best landlords who take their responsibilities very seriously and provide excellent accommodation. This in turn attracts discerning tenants that look after the property and are prepared to pay a good rent for a well maintained home.
For expert advice on letting your property, or on any other aspect of letting, please contact us on 01252 514000 or firstname.lastname@example.org, we look forward to speaking with you.