Lettings market boom and what it means for landlords
The lettings market has had a record strong month, with reports of a decrease to the length of average void periods in regions such as Bristol, as well as rising rents seen across the country.
In some parts, void periods have dropped by as much as 50% month-on-month, taking England's average from 22 to 16 days.*
How have rents changed for landlords?
After a year of uncertainty for landlords in Bristol and North Somerset, with the eviction ban repeatedly extended, the news of rent growth in every region in June should signal a return of optimism for the market.
Certain areas saw an increase as high as 10%, whilst the average cost to rent a property in England now sits at £932. This is higher in Bristol.
In fact, average rents were higher this June than when compared to a pre-pandemic 2019.
Looking to take advantage of the increased rental demand? Here are our top tips on how to become a new landlord.
1) Understand your business
As with any new business venture, if you lay the right foundations, you have the potential to secure a comfortable financial future for yourself.
Most landlords only let one property, so it's important you know the local Bristol market and choose the best spot for your investment in terms of location, demand and opportunity. Long Ashton, Southville and Clifton are great areas for example.
2) Take the time to learn more about the legal requirements
There are a number of important regulations that a landlord must meet to protect their tenants, as well as themselves and their properties.
Taking the time to familiarise yourself with the sector will put you in good stead to build an established reputation letting in your area, which will ultimately help you to keep good tenants for longer.
3) Shop around for your buy-to-let mortgage
It’s important to find the right deal for you, which might mean considering a range of solutions before making a decision.
To get the best returns, you should speak with a trusted mortgage advisor who can point you in the right direction selecting your mortgage.
4) Decorate for a tenant, not for yourself
Just like when you're selling a property in Bristol, you need to plan how to stage your rental property before listing it.
Whether you're wanting to let to families, students or working professionals, providing the right furnishings and neutral tones will create a blank canvas suited for future tenants interested in renting your property.
5) Who will be managing the day-to-day responsibilities?
This last step is what will really set your business in motion.
Choosing the right lettings agent is essential to protect your investments and safeguard your interests, as they'll be the liaison point for your tenants whilst overseeing all checks, changes and inspections.
To learn more about our property management service, contact us today.