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Tenant demand reaches record high - why this is great news for landlords

Tenant demand reaches record high - why this is great news for landlords

Tenant demand is at a record high, meaning there is a higher chance of housing tenants within properties more quickly as well as the opportunity to charge higher rents. This is great news for local landlords occupying the Essex and East London area.

As a landlord, the name of the game is ensuring that your property is sought-after and always in demand.

Ensuring that tenants are lined up raring to rent your property is one of the most reliable strategies a landlord can implement as it will keep business flowing at a steady pace.

Here at Ideal Locations, we outline why record high tenant demand is great news for landlords and how this should be approached to ensure landlords make the most of it.

Record high demand from tenants

Various factors, including the time of year and the area a property sits in, can influence the prospects of tenant demand. One vital factor of the current rental market that continues to make demand soar is that tenant demand is high while stock levels of available rental homes are low.

Available stock levels are now lower than before the pandemic, according to recent figures. This reassures landlords that their home is more likely to attract potential tenants because of the market conditions.

The latest data published by Propertymark reveals that there has been an increase in rent prices for the second month running. The vast majority of agents (79%) said that landlords had increased the price of rents, making this the highest rate increase on record.

Furthermore, there has been a record-breaking number of prospective tenants registered per branch for the second month in a row.

Securing tenants in a booming market

The excellent market conditions make the chances of securing a tenant in a good timeframe and for a good price highly promising. Over the coming weeks, landlords who put their properties on the market are likely to benefit from heightened demand.

Although the current market conditions will increase the likelihood of securing a tenant, landlords should not solely place all their bets on this factor alone. Instead, preparing an excellent, well-maintained, compliant home will guarantee long-term happy tenants who put their trust in you.

After all, pulling out all the right stops is a great way to put your best foot forward to ensure that you have a good relationship with your tenant. Preparing your property effectively is the best way to attract the best possible tenants.

With high demand set to continue, once listed on a reliable letting agent’s website, you can expect numerous tenants viewing your property online or in person. This stage is crucial, so landlords must prepare properly to reach the best outcome.

Landlords should keep on top of their management and maintenance duties or ask their letting agent to arrange this for them. Doing simple tasks such as touching up the paint around the home, decluttering, cleaning, and carrying out safety checks make a big difference.

Doing these maintenance tasks around the home will keep the home safe and boost your chances of finding suitable tenants to occupy your property.

If you are a landlord in Essex and East London, using our years of knowledge and experience we will do all we can to help you let your home successfully.

With an experienced local estate agent by your side, you can improve your chances of selling for the best possible price and in the quickest possible timeframe.

For more information on our current operations, please contact us today. We also offer a free, instant online valuation to give you an estimate on how much you could be charging in rent each month.

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