Let’s take at some of this year’s biggest property rental trends…
Owning and letting out such a property on a short-term basis may seem like a great deal of work; after all, you will always be on the lookout for new tenants. However, if you offer the right property, in the right place and at the right price, you may have more prospective tenants than you have properties to house them.
People look for short term flats to let for any number of reasons. They may be waiting for the purchase of a home to be finalised, be on an extended holiday, working away from home, or simply like the freedom to be able to move. Whatever their reason, the key to having profitable property is to understand the housing needs of the short term tenant. This involves researching the local area and understanding what is and is not renting out. There is little point buying family homes for short term rent if the area is mainly populated by young professionals or gap year students. Price is another important aspect to consider. You need to ensure that you get a good rate of return, but without pricing yourself out of the market. This is where working with good letting agents helps. Not only will you get support through the letting process but you will also be able to keep your advertising overheads to a minimum. It is also worth remembering that while there is a need for this type of property, there may be times when there is no uptake. This eventuality needs to be worked into your budget.
London flats and properties to let in converted warehouses are a popular choice among those looking to combine modern living with London history. Most of these flats and apartments are found along the London Docks, primarily in the East End. However, they do come with some considerations to take note of.
Flats to let in London that were once warehouses and other dockyard buildings are a mix of modern luxury and historical architecture. If you are a landlord looking to add such a property to your portfolio you do need to be aware that some of these buildings will have listed status. This affects how the buildings have been converted and any further work that can be done to them. Ground rents and running costs can be very high. This means that to make a reasonable percentage on your rental property you will need to charge a higher rent than you would for a similar size flat in a modern building. This does limit your potential tenant sector. However, if advertised in the right places, through reputable letting agents, with a listing that highlights the benefits of these unique apartments it shouldn’t take long to find the right tenant. You can also use Guaranteed Rental Schemes like Yellow Slate.
In general, you need to focus on attracting young professionals, or those within the artist industries. Many converted warehouse apartment buildings have their own community facilities and these should be clearly highlighted. Ensure that your description also includes the local entertainment scene, close proximity to coffee houses, boutique shops and of course the river transport system from the East End to the City.
Online letting agents
Online letting agents are still a relatively new concept. While it is now common practice to view properties online and even to communicate with prospective tenants over the Internet, the rest of the process has generally been undertaken via an office and lots of pieces of paper.
However, there are a number of benefits to completing the entire letting process online. The most important benefit is that it streamlines the whole process. Landlords can control their property listings, communicate with
tenants, arrange viewings and access draft tenancy agreements all in one place. The documentation required for tenant referencing, credit checks and proof of right to rent in the UK can also all be dealt with in one place. The opportunity for paperwork to be in the wrong place, with the wrong person, or simply to be lost is dramatically reduced. Additionally, there are no closing times online. This means that if the letting agents provide an online space or portal, landlords can work when it best suits them. They are able to upload details or leave messages for tenants in the early morning, or even late at night. Dealing with online letting agents is cheaper as well. If everything is online and streamlined the agent’s costs are lower and these are passed onto the landlord to further encourage them to use this type of service. The same is true of the fees paid by tenants, meaning they are more likely to choose a property let through an online agent.