When comparing demand from tenants to this time last year, there is an increase of 20%. This is a significant factor in pushing up average monthly rent, because landlords know the number of people looking for homes means they can place a higher rental fee on property.
The average monthly rent across the nation stands at £1,162. This is an increase of 11% in 12 months, and a rise of 3.2% compared to July of this year. This is the third time rent has risen by at least 3% in a three-month period.
Tim Bannister of Rightmove said; “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.”
How to better connect with tenants
Given the high level of demand for rental property, landlords have a great opportunity to reach tenants, but there is still competition in the marketplace. To enhance your chances of rental market success, please consider taking these following steps:
1. Keep the Property in Good Repair
One of the most important things that London landlords can do to improve their rental property is to keep it in good repair. This means regularly checking for and repairing any damage, ensuring that all appliances are in good working order, and keeping the property clean and tidy. By maintaining their property, landlords will not only make it more appealing to potential tenants, but they will also help to avoid any costly repairs down the line.
2. Invest in Some Upgrades
Another way London landlords can improve their rental property is by investing in some upgrades. This could involve anything from installing new windows and doors to renovating the kitchen or bathroom. Even small upgrades can make a big difference in how attractive a property is to potential tenants.
3. Make Use of Technology
In today’s world, technology is playing an increasingly important role in all aspects of our lives. Landlords who make use of technology can give their rental property a real advantage over those who don’t. There are a number of ways to do this, such as installing smart thermostats and security systems, using online marketing platforms to advertise the property, and setting up an online payment system for rent payments.
4. Be Flexible with Tenants
Another way London landlords can improve their rental property is by being flexible with tenants. This could involve things like being flexible with the length of the tenancy agreement, allowing pets, or offering furnished or unfurnished options. By being flexible, landlords will make their property more attractive to a wider range of potential tenants.
5. Provide Exceptional Customer Service
Finally, London landlords can improve their rental property by providing exceptional customer service. This means always being available to answer any questions or deal with any issues that tenants may have. It also involves responding quickly to maintenance requests and carrying out repairs in a timely manner. By providing good customer service, landlords will create a positive relationship with their tenants that will last long after they move out.
Contact David Harris & Co to let in Finchley
We have assisted many Finchley landlords connect with tenants, and we know where these groups are looking for rental property. You can take the stress out of connecting with your ideal tenant by turning to a local letting specialist in Finchley.
If you want to make an informed decision in and around Finchley’s letting market, we are here for you. If you have any questions about the local market, or you need assistance, please contact David Harris & Co today. Call us on 0208 346 9122.
