With a noticeable sharp demand in rental properties, Alexanders have taken a closer look at why rental growth has hit a 10-year high and landlords are getting a faster turnaround on their vacant properties.
Many factors can play their part in the growth of rental properties and without doubt some of this can be attributed to COVID-19. Whilst most of us would agree it has been tough, the positive effects on the rental market are plain to see. People who had planned to stay at home and save for a deposit to get their foot on the property ladder, have now decided the rental sector is an option. Tenants already in rented apartments have been looking for green outdoor space, and the most obvious factor being people looking for more space as they increasingly work from home; a trend that seems set to stay for the foreseeable future.
This is all good news for landlords as this has pushed up rents, the East Midlands has seen a growth of 6.8% and rental growth is now at a 10 year high; a great time to be a landlord we think you would agree.
With high demand this also brings quicker turnaround times with rental properties now renting faster than ever. With less time empty, landlords are seeing the benefits with a more steady income and less downtime. At Alexanders we have seen our turnaround times reduce from an average of 20 days to 15, properties have even been let before they hit the market.
All of the above brings great optimism and the signs are that the market won’t slow down anytime soon. We believe that the demand for rentals coupled with the low levels of supply will continue to put pressure on the rental market and rents will continue to increase in line with demand.
Our client base has had steady growth over the past five years and we are actively looking to advise landlords on their properties and the best ways to maximise their return. To find out more about how Alexanders can help with your rental properties and to discuss what we can offer you as a landlord please give us a call on 01530 413126.
