A recent study by Goodlord, a Property Tech company indicates the average cost of rent in England fell by 1% in August 2022, leaving the national average at £1,227.54 per calendar month. Over a 12-month period, average rents are 12% higher.
Tom Mundy is the chief operating officer of Goodlord, and he said: “Following a record-breaking July, this month’s metrics are slightly more measured, but continue to set new year-on-year benchmarks. Properties are in high demand, with fewer homes on the market than the number of tenants looking to rent them. As landlords and agents gear up for what could be a tricky winter – with a raft of new legislation coming down the track and a period of economic uncertainty for tenants as rising rents meet escalating energy bills – the lettings market shows no immediate signs of slowing down.”
How To Avoid Void Periods As A Landlord
Void periods are a nightmare for landlords at any time, but in the current climate, they can be disastrous. There is high demand for rental property right now, but with so many financial challenges in the market, landlords cannot be overly confident about letting property at all times. Not only do you lose out on income during that time, but void periods also increase the wear and tear on your property.
At Just Lets Peterborough, we want you to achieve success in the local market, so here are some tips on how to avoid void periods as a landlord.
Screen Your Tenants Carefully
One of the best ways to avoid void periods is to screen your tenants carefully. This means taking the time to conduct a thorough credit check and employment verification. It’s also a good idea to talk to previous landlords if possible. By carefully screening your tenants, you can minimise the risk of having to deal with late rent payments or damage to your property.
Have A Good Lease Agreement
Another way to avoid void periods is to have a good lease agreement in place. This lease agreement should be clear about the expectations of both the landlord and the tenant. It should also outline the consequences of violating the terms of the agreement, such as late rent payments or damage to the property. Having a well-written lease agreement will help to prevent misunderstandings between you and your tenant that could lead to a void period.
Be responsive To Maintenance Issues
Tenants are more likely to move out if they feel like their maintenance requests are being ignored. In order to avoid this, it’s important to be responsive to any maintenance issues that arise during a tenancy. This doesn’t mean that you need to drop everything and fix the issue immediately, but you should acknowledge the request and let the tenant know when you plan on addressing it. By being responsive to maintenance issues, you can make your tenants feel valued and reduce the chance of them moving out.
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.
