Tenant demand in the local private rented sector continues to boom. According to recent research from Rightmove, letting agents have seen a 76 per cent increase in email enquires over the past 12 months. Meanwhile, the latest Paragon Mortgage survey has revealed 43 per cent of landlords experienced a rise in demand during the second quarter of this year and 51 per cent expect further growth in the coming months.
It is clear that the number of people looking to rent a property is not going to slow down anytime soon. So, what can we do as Letting Agents to take advantage of this '
Rising rents
An obvious benefit of higher demand is that tenants will be willing to pay more to secure a property ahead of the competition. This has already led to a rise in rents locally as mentioned in my previous article. Rightmove revealed the top five high-demand locations outside of London as Stevenage, Southend, Dartford, Wickford and Basildon - These have all seen the average asking rent grow by between 11% and 13.6% over the past 12 months. Meaning our previous calculation of Hoddesdon rents rising by 9% is pretty close to these highs
Martin Totty, chief executive of the Barbon Insurance Group, the parent company of HomeLet, stated: “Rental values are now increasing year on year across the country, with no exception."
Be more selective
Another advantage of high demand is that it allows for a more selective approach to be taken when choosing renters in our local area. Disputes and situations with problem tenants can often be traced back to the fact an unsuitable person was chosen to live in the property in the first place. With so many people now looking for a rented property we can afford to take the time to carry out thorough due diligence and ensure they are the right kind of people to let to.
This has been highlighted by Sam Mitchell, head of lettings at Rightmove, who commented: "Demand for quality rental properties is at a record high … In these areas of high demand it’s more important than ever for tenants to know how to make themselves desirable to landlords, so having their finances in order and good references is key to getting the property they want in such a fast paced market."
As my existing landlord clients will testify, whether you manage your property yourself, or another local agent manages your properties, everyone is always made to feel welcome when they pop in to our offices in Stanstead Abbotts High Street to discuss anything to do with the local property market, how Stanstead Abbotts compares with its closest rival towns. I don’t do hard sell, I will just give you my honest and straight talking opinion.
"Your local property experts, our advice is free but our knowledge is priceless"
I have been in and around the Hertfordshire property market for over 25 years, starting as an estate agent in the county town of Hertford and now running a successful lettings and property management company based in Stanstead Abbotts. I have let and managed property all over Hertfordshire from the area that I currently work to Wheathampstead where I owned and managed a lettings & estate agents to Watford and surrounding areas where my company acted as a marketing agent for one of the largest property management companies in the country”
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