Landlords in Stevenage have had plenty to deal with in recent years, and it wouldn’t be an exaggeration to suggest that many letting professionals have altered their business practices in recent years. There have been so many factors impacting on the market that landlords need to be flexible to meet the needs of their audience and to ensure that they provide prospective tenants with a suitable service.
Of all the aspects that a landlord would be looking to avoid, void property is at the top of the list. When a landlord has an empty property, they don’t bring in any income. The landlord is also going to have to find a new tenant, which means spending time and money. In the clear majority of circumstances, it is better for landlords to have a tenant in place, and this is why some landlords in Stevenage should look to be flexible if they face a difficult period in letting their home.
Would short-term letting options be better for some landlords?
In a recent report into the lettings market, Savills have claimed that many landlords would be advised to consider the short-term lettings market. In offer more flexibility with respect to the range of lets on offer, there is a greater chance of meeting the requirements of the marketplace. The nature of the letting market has shifted in recent times and with younger tenants showing more flexibility in what sort of lets they are looking for, it can be argued that landlords should also be looking to provide more options for tenants.
In their report, Savills highlighted areas landlords are advised to consider when placing property on to the market:
· How flexible can a landlord be with respect to rental fees
· What is the volume of rental property available in the local market
· How can a landlord and their property stand out from the crowd in the rental market
· What rental package would be of most interest to tenants and landlords
At the start of 2018, there are various reports suggesting that rental fees have dipped across the United Kingdom. In many of the predictions for how the rental market will fare in 2018, a slow rate of growth or falling prices are the standard responses from industry experts. Even though the Stevenage rental market has been stable in recent times, there is no reason for landlords to become complacent.
Stevenage landlords should be aware of local rents
In figures provided by the home.co.uk website, the average rental fee per calendar month in Stevenage, as of February 2018, stands at £911. While there is no indication that this figure will rise significantly over the course of the year, it is still a fee that many tenants will have issues with, so landlords need to be confident about their pricing.
If you require guidance or assistance in the letting market, come and speak to Geoffrey Matthew. We are local specialists when it comes to rents and letting and we look forward to helping you out.