As we come to the end of the first quarter of 2015 it is interesting to see how the rental market has picked up speed.
January was a little slow to get going as people started to surface after the New Year break. We found that we had more available properties than at any time in the previous 12 months but the demand was not as strong as we had hoped and in some cases we had to trim rental prices to get suitable tenants interested.
The beginning of February saw this trend continue with more and more properties coming to the market. Our concern was that as more properties became available rental values would be forced down further as the demand seemed less than expected.
During the middle of February however, there was a surge in demand and suddenly properties were letting incredibly quickly at full asking rents and in some cases they were even letting before they were advertised. This trend is set to continue as tenancies arranged for April and May look very healthy indeed.
We have now returned to where we were back in the Autumn of last year where demand is seriously outstripping supply and that seems set to carry on.
The continued confidence in the property market is of course good news for most but it does mean that home ownership for a lot of people is just not possible and they need to rent. Others of course need the flexibility to rent short term due to changes in employment and other domestic changes and now that the attitude to renting has changed forever it can only mean good news for those looking to buy an investment property where securing a good quality tenant quickly is key.
If you are interested in renting or letting a property, or thinking of becoming a landlord or expanding your portfolio please contact us and we will be happy to offer our services.
Michael Clarke (MARLA), Lettings Director
T (01252) 514000 | E: firstname.lastname@example.org
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