As tenants tend to stay in a rented property for longer than ever, this has an impact on the number of rentals coming up for re-let.
During 2017 we have seen a decline in the number of houses available to let. This means that when a property becomes available it is quickly snapped up.
This week however, we have seen more property available due to tenants moving on.
- Why is this good for tenants?
If you are a tenant looking to move, whether it is in to a larger or a smaller property, there is more choice available. This really helps tenants to make the right move for their families and themselves, especially if they could be renting for a longer term.
It should also be easier for those families coming to the area for employment opportunities.
- Why is this good for Landlords?
When a tenant gives notice the landlord may initially be disappointed. But the good news is that it gives the landlord an opportunity to reappraise the property and address any maintenance or upgrade requirements. In turn this should help minimize repairs that may cause an issue during a tenancy.
It also gives the landlord an opportunity to assess the rental market, and the amount of rent the property can achieve, which further protects the investment they have made in the property.
Without Landlords investing in property there would be even less choice for anyone looking to rent.