In spite of the much improved sales market, demand for rental properties remains strong, with many potential first time buyers still struggling to get together sufficient deposit to buy their first home.
Historically, private rented properties were usually taken by tenants requiring a short term housing solution, either whilst being ‘between homes’ or when younger tenants got their first job and wanted to break free from their parents .
Nowadays, more and more people are comfortable with accepting that a rental property can be more than just a short term option.
This is good news for landlords, who are generally keeping tenants much longer, thus avoiding expensive ‘void’ periods.
Longer term tenants also tend to look after the property better, treating it as if it were their own, with this in mind, if you are a landlord, agreeing a longer tenancy could be beneficial.
As a result of an improving economy, and some signs of small price increases, more and more investors are starting to appear.
Although rental returns don’t always seem to ‘add up’ the combination of low interest rates, and potential capital growth, mean that investing in property will be always be a popular option.
Two and three bedroom homes up to a rental of around £700 per calendar month seem to be the most popular with landlords, and with most of these properties, we find tenants within the first couple of weeks.
Since the market changed direction in 2007/2008, the amount of properties ELR manage on behalf of landlords has doubled, although this trend has slowed a little over the past 18 months, this is a trend I see continuing.
Average rents have seen a small increase and supply remains low, which are both good reasons to consider property as a good long term investment.
Whether you are a landlord or tenant, if you need any advice on the residential lettings market, please call us on 0114 268 9900 and speak to one of our team.
Or visit www.elr.co.uk, where you will find detailed advice as well as daily updated information on all our available properties .