There has never been a better time to let your property due to the imbalance between what’s available and the volume of tenants looking. Since the pandemic, there has been an increased number of tenants opting to remain in their current residences. This behaviour has caused a constriction in the usual flow to the market, thereby resulting in a notable reduction in available rental properties. Tenants who need to move for more space, work or independence are therefore competing over fewer options which has driven rents to increase by unprecedented levels – a whopping 12% in the last year. Not only is there a rise in demand but also a wider selection of tenants, greatly reducing the likelihood of having to compromise on tenants preferences. Furthermore, as a result of the high level of interest in rental properties, they are typically secured promptly, often up to two months in advance, resulting in minimal vacancy periods.
There has never been a better opportunity for landlords to capitalize from the current rental market conditions. However, given the saturated nature of the market, it is essential to have a skilled agent on side to manage the high volume of enquiries and secure the best possible tenant for your property, rather than merely the first option.