Top Rental Trends in 2017

While prime locations have always had a hefty price tag, tenants have started paying more for areas with easy access to prime locations. Tenants are willing to pay more for a location that offers easy access to prime locations. This is largely down employment changes. Whether it be a career change or job security, accessibility to prime locations is paramount. When tenants are unable to plan ahead regarding their employment with long term tenancies, at least their worry of rent increases, protracted negotiations, admin fees and of cost the cost of moving is all but diminished.

4. Demand for high-end flats has decreased

While quality, well-presented flats are seeing increase popularity, the demand for luxury lets is decreasing.

5. Furnished properties remain more popular than unfurnished ones

There’s a great debate about furnished properties versus unfurnished ones. Furnished properties allow tenants to move in quickly, and can cost a bit more than their unfurnished counterparts. However, unfurnished properties give tenants free reign to make the property their own. When it comes to the furnished/unfurnished debate, furnished properties still tend to be more popular than those that are unfurnished, with furnished properties not being of any more value than those that are not.

6. More quality housing is becoming available

Homes of high quality are coming on to the market. Better accommodation is becoming available as sellers opt to rent out their homes, so above average accommodation becomes available but on a reduced timescale. Stamp duty increases are causing evictions for good tenants who want longer than 3-year tenancies.  If you’re viewing a high-quality property in pursuit of a long-term tenancy, check with the landlord to see if they are considering selling the property.

7. ‘Accidental landlords’ are becoming a thing of the past

We have noticed plenty of change in the lettings landscape, particularly with landlords.  Today’s current market sees the return of large investors’ interest in the market with a view to expand their portfolios. Whilst smaller ‘accidental Landlords’ appear to be looking to off load their properties. The number of “new” properties coming the market for let appears to be low at this stage, however demand is steady and increasing. The result of this will inevitably be an increase in rent prices as more people want less property.  Many self-maintained landlords have now come to us asking us to manage their properties for them.

While many people rent for the short term to keep their living situation flexible, long-term tenancies are becoming more popular. Students, whether they are under- or post-graduates, are quite keen to let long-term as long as there’s a possibility to re assign the tenancy should one their flat mates wish to vacate early.Many professionals with stable jobs are also willing to enter long-term letting agreements. It is win-win for both the tenants and landlords as the Private Rental market has become very competitive, especially with increasing number of properties remaining on the market for sale that are now being offered for rent. Long term tenancies offer landlords security of regular income without the need to source new tenants and the costs that are associated with it.

9. Most tenants are offering six months’ worth of rent in advance

If you’re trying to gain a competitive edge in the lettings market, you’re not alone. Many tenants are offering six months’ worth of rent to landlords before the tenancy begins. There are a great many tenants opting to offer six months’ rent in advance, (still subject to satisfactory references) but feel they can make this offer to be ahead of other suitable applicants. This is mostly made up of people selling and requiring a property to live in while they look around for another property to purchase as it gives them bargaining power for a purchase. Other cases are people relocating from abroad where they have no credit history here, or older people selling to enjoy their capital.