20^th October 2020

Letting agents a must for the small scale landlord

According to the online real estate portal and property website, Rightmove, there has been a rise in demand for more spacious properties since the beginning of the Coronavirus pandemic. In turn, this demand is pushing up average rental costs to new highs across all areas of the country, with London being the only exception.

With the lockdown forcing people to spend more time in their homes for both recreation and work, landlords of smaller properties such as a studios or one bedroom flats are finding themselves at a disadvantage, and are being encouraged to create work from home spaces as well as providing high-speed broadband as an incentive to their tenants. With a reduction in the need to be close to the office, and greater flexibility to work from home, tenants are also looking further afield, to areas where they can get larger homes and gardens, often with a separate working space. This can potentially leave landlords of smaller properties in a difficult situation.

According to Rightmove, more than ever it will be the landlords who only have one or two smaller properties that will need the skills of a good letting agent to promote the positive aspects of their properties.

The rise in demand for more spacious homes - which ultimately come with a higher rent - is also pushing up average rental costs across the country. Demand outside London, including counties such as the ever popular Cambridgeshire, is outpacing that in the capital, where rents are down 3% on the same time last year, and an even bigger 6.8% lower within inner London, as tenants no longer have the need to be close to their inner city offices.

Andrew Ward, owner of Cambridge-based letting agents Award Property Management, notes that, “the past few months have been difficult for everybody, not least landlords. For those with smaller properties, it is extremely important to ensure that they are marketing their property well and making the most of any positive features they may have in order to make them stand out to prospective tenants. Employing the services of a letting agent is a wise and cost-effective move given the current climate and I would welcome any landlords who are looking for some help with marketing their property to get in touch as we’d be more than happy to help.”

Award Property Management are letting agents in Cambridge, so if you need help or advice with any aspect of the rental market, why not get in touch? We’d love to hear from you.