With more tenants looking to rent than before, the supply and demand crisis is having serious consequences for the rental market.
Over the previous few years, the UK has seen a significant rental crisis. With more people seeking to rent than before, teamed with a challenging property market leading to a decline in landlords, the supply and demand crisis is having serious consequences for the rental market.Additionally, mortgage prices, energy and cost of living are on the rise - So what can landlords do to protect their revenue during these unstable times?
- Screen your tenants: The easiest way to protect profits and ensure that your tenants aren’t missing their payments is to properly screen tenants prior to entering into lease agreements. You are responsible for conducting credit checks, verifying employment, and checking references to ensure that the tenant is suitable, and able to pay rent for, your building.
- Stay informed: Staying up to date with relevant regulations and guidelines will help you to keep your investment strategy relevant to the current rental market and avoid potentially costly fines. Look out for significant policy changes which might affect your investments, such as new regulations proposed as part of The Renter’s Reform Bill.
- Consider Rental insurance: Rental insurance can provide an extra layer of protection in the event that your tenant misses rental payments or incurs property damage.
- Re-evaluate your rental prices: With rising costs, it is only reasonable to raise the monthly rent of your private lettings. You are responsible for ensuring that your rent increases are carried out legally by following Government guidelines and checking your existing tenant contracts.
- Reviewing Investments: Schedule regular intervals to review your property portfolio and ensure that your investments are working as cost-effectively as possible. The profitability of an investment can change drastically depending on location demand and property type, you should be continually reviewing your existing investments and changing their strategy to meet the current market needs.
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