Rents in the South are starting to look like they are stable to rising – but not by huge amounts, so good news for landlords and tenants!
In the South West, rents vary from £640 through to around £800 from the Homelet index. The rental indices suggest rents are stable to slightly rising.
In a static market, ensure you let property in excellent condition. Tenants are becoming more choosey and wanting a nicely decorated and well maintained home, so don’t neglect to update the décor and/or cut corners on maintenance. Visit our Maintaining your Property Checklist.
When rents are stable, you can take your time searching for the ideal property but make sure the property is let legally and kept up to date. Check your deposit is protected in a one of the government licenced tenancy deposit schemes. Visit our How to Avoid Rogue Landlords Checklist.
Making sure your landlords don’t cut corners to save money in a stable market is essential. Try to secure new landlords based on your expertise of maximising rents as opposed to trying to cut your commission.
If you are a landlord/tenant in the South East, rents are a little higher and vary from £790 to £875 through to a huge average from Move with Us of £1,135 – it does appear Move with Us are overestimating rents in this area. Overall, the majority of rental indices suggest rents are stable to slight below inflation rises.
You need to try to remain cash flow positive, which may mean keeping your costs down, but don’t compromise on a good service from letting agents or stint on maintenance costs. Your highest costs are likely to be your mortgage, so if you can, look to see if there is a better deal available.
Visit our Financing Buy to Let Checklist.
Make sure you rent from a reputable landlord, otherwise you could end up with a rogue landlord or someone who is renting property illegally, but doesn’t even know it! Check if the letting agent is a member of ARLA or NALS, or the landlord a member of the RLA.
Visit our How to Avoid Rogue Landlords Checklist.
Landlords need a lot of help understanding the best way of maximising their rents when they aren’t keeping up with inflation. Make sure you are able to provide a good ‘all round’ buy to let service, and not just advertising a property.
