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If you’re interested in renting a property, you’re not alone. More people than ever have chosen to rent homes or flats rather than buy them. Over the past few years, the letting market has been changing constantly. In a changing market, staying ahead of the trends is the secret to success. Our agents weigh in on the trends they’ve seen in the rental market over the past few months.
1. Well-presented properties are letting faster than budget options
If you’re a landlord, it may be time to consider updating your rental property. According to Sawyer & Co. Lettings Negotiator Kerry-Anne Holland, “the rental prices in properties in Brighton and Hove have dropped slightly this year. However, quality well-presented properties tend to be let a lot quicker than something than is cheaper and less desirable (i.e. dated properties).” While an update will require a financial investment at the outset, letting property that is highly desirable means that you’ll have more potential tenants, and could potentially raise the letting price.
2. Smaller properties are more popular
Smaller properties for single-occupants are becoming very popular, and for good reason. A one-bedroom or studio means fewer tenants, making rental agreements easier for landlords and tenants alike. Phillip Jackson, the Director of Maguire Jackson in Birmingham, has noticed this trend, saying that “recently, there has been an increase in demand for smaller properties, like one beds and studios.” Kerry-Anne of Sawyer & Co. agrees, noting that “one-bedroom flats in the city always tend to be let very quickly, more so than the two bed or studio properties.”
3. More tenants are renting properties while they search for homes to buy
This year, more tenants are looking for places to rent while they search for a home to buy. Many people look for contracts with six-month breaks, but find permanent homes sooner. Nick Goodwin of estate agency John Goodwin weighs in, saying “this year, we’ve had experiences with people wanting to ‘buy’ themselves out of a tenancy agreement. When they sign up for a tenancy, it is explained this is a six-month fixed term let. However, when they find a property to purchase they no longer require the property and so want to get out as quickly as possible. Same when people fall out during the fixed term, they no longer want to stay. Some find they don’t like the accommodation as much as they thought, so we sometimes find that six-month tenancies turn into just a few months.”
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