It is safe to say the lettings market has seen some turbulent times recently amid the cost-of-living crisis and rent increases anticipated.
Twin this with rising interest rates which have led to some of the biggest mortgage rates in over a decade, both landlords and tenants have had concerns about costs.
Throughout the last year or so we have seen huge demand for rental properties, with tenants snapping up properties as soon as they become available, often with many prospective tenants vying for the same property.
This has meant that across the board many rents have increased, and a recent poll by the UK Association of Letting Agents (UKALA) revealed that 79% of its member letting agents expect to see rents rising in 2023.
Here at Clarendons we realise there are some tough times ahead for all involved, but we want to make sure that neither the tenant or landlord has unexpected issues.
We want to support our clients and customers, and over recent months we have worked with all parties to ensure we achieve smooth outcomes.
For example, we had one landlord who thought they needed to sell due to their increased mortgage cost, however the tenants really wanted to remain in the property, so we agreed an increased rent that was still lower than the market rent, but it covered the landlord’s increased monthly mortgage payments, so they were still making a healthy profit.
If we can keep rents at a competitive and fair market rate, while still considering the landlord’s mortgage costs, we hope to make sure 2023 is as smooth as possible for all.
If you are unsure of what your current rent should be, please get in touch and we can appraise your tenancy and ensure you are making a healthy profit and your tenants are secure and happy in their home. It needs a dedicated and sensitive approach to please all.
