Tenant demand is still high!
According to a recent survey of landlords, tenant demand is only increasing across 2021, with record heights seen in the third business quarter of this year.* Seven in ten landlords (69%) have remarked on this development within the lettings sector. Of those, 36% believe the increase to be 'significant'.
The highest levels of confidence were present in the South West and South East, where 79% and 74% are seeing promising conditions for investors. Key drivers behind the rise in tenant interest include factors relating to the pandemic, seasonal trends and the new wave of graduates starting new jobs or students beginning the academic year in rented accommodation.
Have you been considering expanding your portfolio?
Ahead of the new year, we'd urge you to consider your options as a landlord. For a profitable 2022, here are some items you should be taking the time to review:
1) What are your tenant screening processes? Whilst the eviction ban has lifted, if there's one thing the last year has taught us, it's to prepare for every eventuality. You need to have rigorous checks in place to secure the best financial future for yourself and your investments, so rather than go it alone, you could defer to an experienced lettings agent in your local area to help you locate reliable tenants.
2) Larger homes have seen the steepest rise in value, but regardless of your property type, it is worth having the rental value re-assessed so that you don't lose out on your rental income.
3) Are you safeguarded against any future losses? If tenants can't or won't pay, rent guarantee insurance can offer you a lifeline when it comes to keeping up with your mortgage payments and outgoings in the meantime.
Do you need to speak with one of our trusted local agents? Contact us today.