Rental Trends in 2017 Continued

Further to our blog last week we are continuing to look at further rental trends which we have seen in the rental market as keeping up-to-date with these will help you be successful with your investment.

One of these trends is that unfurnished properties remain more popular than furnished ones. We often get asked by new landlords whether they should furnish their property as they believe it will let quicker and get a higher rental income. This is actually not the case as furnishing a property wouldn’t have much effect on the rental income and costs the landlords more as they have to pay for the items upfront and also maintain them during the tenancy. A lot of tenants have their own items from their previous properties and so more often than not if a property is furnished applicants ask whether the furniture could be removed anyway. If you are going to furnish a property only put large items in and don’t include small items such as cutlery and cooking utensils.

An additional trend is that long-term tenancies are becoming more common. Whereas previously you would find tenants stay on average for a short term more are now beginning to opt for long-term tenancies. Whether it is tenants who are moving into their first rental home or families they are both more willing to enter into longer term agreements. This can be a benefit to both tenants and landlords as the tenants have security that they are in a fixed term and the landlord have security of regular income without having a change of tenancy and the costs which are associated with it.

If you have a property you are considering to let or want to re-view your portfolio to ensure you are getting the most from it contact me Georgina Stevenson, Daventry Branch Manager on 01327 879431.