Are you a landlord that has a property to let? Maybe you are thinking of becoming a landlord for the first time. If so, please read on!
We have a problem. It’s a big one. Tenant demand is increasing and the number of properties coming available is reducing. Being an academic city, we are about to hit our busy season and we simplt don’t have enough properties to meet demand.
This week our rental team made 4 new properties available. All 4 had multiple applications and many of these were hi quality tenants with full references and excellent credit histories. Take a one bed flat at the Hastings, Greaves. We were asking £550 pcm. 9 people wanted it. A one bed flat in Morecambe on Victoria Street had 6 applications. A 3 bed home on Stanley Place had over 30 applications in 24 hours. It really is crazy times.
Data from the last 5 years tells us that we are heading into our busy season which tends to start mid June and goes through to the end of September as people look to get moved before the academic year starts. Because of the shortage of rental properties, rents are increasing – a typical nice 3 bed home in Lancaster now tends to be over £750 pcm, with stylish 2 bed apartments achieving £650 -£800 pcm.
Still though affordability is important to 87% of tenants along with low running costs. 79% of prospective tenants are also keen to know broadband speeds. Make sure you know them!
If you have a property to let we would love to chat with you. Here at JDG we are here to maximise your return and help take care of your biggest asset.
Call us on 01524 843322 or email us at josh@jdg.co.uk
Thanks for reading
Josh