Finding tenants for your property is always going to be a relevant topic. However, more landlords are finding themselves in a position where there is less interest in their property than usual.
Let’s have a look at the 3 contributing factors that are making it a struggle to get your buy-to-let property rented:
1. Is Brexit making it harder to find tenants?
The uncertainty surrounding Brexit has infiltrated the private rental sector, but the full impact is still very much up in the air.
With predictions ranging from an economic crash to property prices rising, it’s getting to the point when it might be time to shut off the noise and simply wait until we leave Europe to see what will happen.
What we do know is that fewer EU citizens are migrating to the UK. Currently, still more EU nationals are entering the country than leaving, however the margin of change has been noticeable in the private rental sector where 66% of the EU nationals (excluding those from Ireland) living in the UK reside in rented housing. Therefore it is arguable that the drop in EU citizens moving and residing in the UK has an effect on the demand for rental property.
2. Is the Tenant Fee Ban affecting rentals?
Having been given the green light from Parliament to become law in England, the tenant fee ban is in full motion.
The new legislation may already be having an impact on rental properties as tenants who are in no rush to move are prepared to wait until they can avoid fees from June 1st.
However, this means that there could be a rise of tenants looking to move after this date. What’s more, enticing tenants that do need to move before this date with no fees is a simple solution to getting your property rented sooner.
Are you ready for the tenant fee ban? If you’re unsure what the new legislation means for you, click here to find out everything you need to know >>
3. Is my property being marketed correctly?
Whether you are marketing the property yourself or using an agent to help you find tenants, all properties are listed in the same places online. You’re directly pitted against similar properties in the area, so ensuring you are competitive in the following are huge factors in getting prospective tenants interested.
In this industry, everything comes down to price. It’s a simple fact that if your property is priced correctly, it will rent.
I would especially recommend a price drop if your property has an undesirable feature such as a small room, no washing/drying facility or unappealing exterior. In the long-run, this is cheaper than renovating and will help make your listing competitive.
The images you post of your property are what a tenant will look at first, so it’s important to make a great first impression.
If you’re struggling to find tenants, it’s worth considering re-taking photos of the property and even staging rooms with furniture, plants, etc. to add appeal.
If you’re struggling to rent your property and in need of some advice or help, don’t hesitate to email or call us today on 01202 537772.