How to be a winner in a difficult lettings market

Excess supply and falling rents is a ‘pattern replicated over most of the UK’ according to the FindaProperty rental index. Average rents for February of this year were £830pcm, down £10 from January and £42pcm compared to February 2008. FindaProperty said a surge in supply had pushed asking prices down by 1.2 per cent in February, and by 4.8 per cent over the year.

Andrew Smith, head of research, said: “The credit crunch and the downturn in the sales market have led to a very significant increase in activity in the rentals market.

“This is most dramatically demonstrated by the amount of stock currently available – a trend in part being driven by frustrated vendors listing their properties on the rental market and in part by an increase in turnover as tenants become more willing to move to secure better properties or more affordable rents. As a consequence, supply levels have soared and this has hit rental values, which continue to decline.”

So as a Landlord - what do you have to do to ensure your home is the one that is getting viewing's and most importantly, securing a tenant?

SurreyLets are keen to explain to Landlords that in a market where there is oversupply, your property needs to stick out from the crowd. If the property is furnished,, it should be staged to best demonstrate what rooms are used for and what space is available. Property should be presented in the best possible way, sparkling clean and well decorated - do all those essential repairs now and even do work that will add to the overall attract ability of the property. Externally the property should have kerb appeal, clearly identifiable with a number or a name and the front looking really smart and well cared for. If that's not working - SurreyLets suggest you try some tenant incentives like a "rent free" period (after all - if the property is going to sit empty for another month two weeks free is irrespective if your tenants move quickly) or a "cash back" upon checkout at the end of the tenancy. I know of one Landlord at the moment who has a holiday let that's sitting empty, so she is advertising a weekend away to her tenants - anything to stand out and attract prospective tenants. Good Luck.