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Introduction:
Just as property prices boomed last year, so too did the rental market, with typical rents rising amid increased demand from tenants.
Figures from Zoopla suggest the number of homes available to let is 43 per cent below the five-year average, which has pushed up competition for each property.
And while the demand for homes for sale continues to outweigh supply, this is expected to continue to be felt in the rental market too.
This year will also see the impact of new regulations in the landlord market, which could present further opportunities for savvy property owners who have the knowledge and experience to implement the changes.
In summary, the rental market remains robust and it’s still a good time to invest. The key is to make sure you know how to be a good landlord and understand what renters are looking for.
It’s also worth having a good letting agent behind you to help you turn upcoming legislative changes into further opportunities to maximise yield and grow your portfolio.
In a hurry? Here’s a quick summary
There’s no denying the pandemic has led to some huge changes in all aspects of life. This includes people’s priorities and what is now most important to them at home and at work. Do you know how these changes have impacted the rental market and what tenants are looking for?
We’ll cover that in detail in this article, to give you some basic information on understanding tenants’ needs to ensure you can be a successful landlord in Leicester in 2022.
And of course, if you want some expert help with that, we are local lettings specialists with more than 85 years of experience and in-depth knowledge of the Leicester market, including on who the tenants are and what they are looking for in a property.
The ‘key’ to a dream rental property
Potential office space
While the pandemic didn’t dampen the rental market, it did change what renters are looking for. One thing that’s likely to be here to stay is some element of home working, either completely or as part of a hybrid office/home solution.
And although many people have come to enjoy working from home, sharing dining room tables and crowded kitchens with children and other family members proved not so enjoyable.
This has led to more people requiring separate office space in the home so they can have peace while working and create more of a physical divide between work and personal life.
Having a property with a space that could potentially be used for an office is therefore likely to make your rental more attractive to potential tenants.
Being a pet-friendly landlord
We’ve always been a nation of animal lovers and this has never been truer than during the pandemic and its lockdowns. Our furry friends have been great companions with more people getting a pet and existing pet owners becoming even more used to having them around all the time.
Being a pet-friendly landlord will therefore increase the appeal of your property to a much wider pool of tenants. According to GOV.UK, just 7% of private landlords currently advertise pet friendly properties.
In fact, the Government’s recommended Model agreement for assured shorthold tenancies includes a clause that prohibits a landlord from exercising a blanket ban on pets. This recognises that responsible pet owners will be aware of their liabilities in ensuring pets do not cause nuisance or damage.
While pets can be refused in some circumstances, the trick is getting the tenancy agreements correct from the outset in a way which means you’re protected, without alienating a huge sector of potential tenants. This is something we can help with for a smooth tenancy.
Adhering to the latest Landlord regulations
With so much access to information in this technological age, it’s easier than ever for potential tenants to do a bit of due diligence on a potential landlord. They may even look for reviews online. People want peace of mind when putting their trust in someone else for the roof over their head. You can easily meet this need by making sure you’re adhering to all the latest landlord regulations.
Of course, it’s easy for us to write this in an article and much more difficult as a landlord to get to grips with all the rules and regulations, especially as we are currently in a period of real change in the rental industry with new rules being introduced all the time. For example, this new law on smoke alarms.
As well as not being good for your reputation, falling foul of the law can also be costly, so it pays all around to keep on top of this stuff. Fortunately, we can take care of all this for you. Just get in touch with our lettings team and we’ll soon put your mind at rest and make sure you’re where you need to be. Even if you know all the rules, giving this over to someone else to manage can free up your valuable time for other things.
We’ve summed up some of the recent rules and regulations for landlords here.
Location, Location, Location
Tenants are also interested, of course, in location. Luckily, Leicester is a fantastic place to live, whether for families, couples or commuters. There’s plenty on offer for leisure, entertainment, sport and fitness, and of course, it’s ideally placed in the heart of the country, with excellent transport links to all corners of the country.
If you’re looking to buy a rental property in Leicester and you’re not sure which area to choose, just give us a call. We’ve been in Leicester for 85 years so there isn’t much we can’t tell you about its different communities.
A suitable outdoor space
Another consequence of the pandemic is that people have put increasing value on being outside, so suitable yet low maintenance outdoor spaces could also be quite attractive to prospective tenants.
Being responsive to maintenance issues
Tenants also look for landlords who are responsive to all repairs and maintenance issues such as broken boilers or leaking pipes. They want to be able to get something reported and sorted in double time.
With our online repairs reporting system, this is all taken care of for you.
Different tenants have different needs
While the above covers some of the main needs tenants might have in general, there is of course no one size fits all, so it’s important to determine any individual requirements at the outset of a contract, and at regular intervals, to ensure these are still being met.
We are experts in managing tenant/landlord relationships and will be happy to offer help or advice in this area.
After all, satisfied tenants lead to easy-to-manage tenancies and good reviews for when you want to attract new or additional renters.
What makes a good landlord?
Successful landlords understand what it takes to be a good landlord, for what to offer in a property itself and in the terms of a tenancy.
The expert Readings lettings team are here to help, whatever stage you are at in your property journey. We also have a wealth of guides and information to help you.
To conclude
The rental market continues to offer good investment opportunities for landlords and buy-to-let investors in 2022. Demand is expected to be high, which means it’s still a good time to invest, especially as other forms of investment continue to offer little to no returns.
The key is to make sure you understand what your tenants’ needs are and position yourself accordingly. Think location, office space, outdoor space – and in terms of tenancy agreements and establishing good relationships from the outset.
There will also be some new regulations to look out for this year. Readings can help you navigate all of this, including finding the ideal tenants and managing properties on your behalf.
Get in touch with us today to find out more.
