In comparison with the same period last year, demand from prospective tenants in the rental market has risen by 20%. This is great news for landlords, and those who are thinking of entering the rental market.
According to Rightmove, the average monthly rent across Great Britain stands at £1,162. This is a rise of 11% on the 2021 figure, and it represents a rise of 3.2% since July 2022. This increase represents the third time rents have risen by at least 3% over a three-month period.
Tim Bannister of Rightmove said this about the current UK rental market; “It’s a real challenge for renters at the moment, as there are simply not enough homes available to rent to meet the demand from people enquiring. Ultimately, the gap between supply and demand is becoming wider across the board. We’ll need a significant addition of homes to come onto the market to even begin to balance the scales.”
Are you looking to become a landlord?
At Just Lets, we are highly experienced with the UK rental market, and we have assisted many local landlords in and around Peterborough. If you are looking to enter the market, here are some initial points to consider:
- The current state of the rental market in the UK
The rental market in the UK is currently very strong, with demand for rental properties outpacing supply in many areas. This has resulted in rent prices rising to record levels in some parts of the country.
- The importance of conducting thorough background checks on potential tenants
As a landlord, it is important that you conduct thorough background checks on any potential tenants before agreeing to let them rent your property. This will help to ensure that they are able to pay their rent on time and that they will take care of your property.
- The importance of having a good relationship with your tenants
It is important to have a good relationship with your tenants in order to avoid any problems down the road. Be sure to communicate with them regularly and resolve any issues that may arise in a timely manner.
- The importance of maintaining your property
As a landlord, it is important to maintain your property in good condition in order to attract and retain tenants. Be sure to keep up with repairs and make any necessary upgrades on a regular basis.
- The importance of understanding the law
As a landlord, it is important that you have a good understanding of the law as it pertains to renting out properties. This will help you avoid any legal problems down the road and protect your interests as a property owner.
This sounds like a lot of information, and a lot for landlords to do. However, you can take comfort from the fact we can do all of these things for you, and a whole lot more.
Just Lets – Here to Help
If you are a landlord in or around Peterborough, and you need assistance in managing your rental property, we can help. We know these are challenging times for landlords, but there is a demand for rental property. When you need guidance in the local market, contact Just Lets Peterborough today, and we will be happy to help you.
The team at Just Lets Peterborough continue to operate remotely to ensure we can continue to serve you and your tenants throughout this covid period and beyond. Please contact us through our usual channels – email us at peterborough@justlets.com or call us today on 01733 346255.
