Published: 02/03/2022With the London residential property lettings market changing considerably over the last decade, landlords must stay up-to-date to make the most of their investment.
- Since 2010, the lettings sector has nearly doubled, with approximately 19% of all households renting.
- Generally, tenants are renting for a more extended period.
- Renting is no longer just for the young as an ever-increasing number of renters are aged between 35 and 44 and have children.
- The number of laws relating to landlords has increased by about a third in the last ten years.
Smart and clean interiors
With the explosion of social media, tenants now have higher expectations regarding décor. Landlords don't need to spend a fortune, but the property must be maintained to a high standard and look fresh and modern. Old worn-out appliances and shabby furniture won't cut the mustard these days.
Due to the pandemic, the work-from-home phenomenon has changed tenant priorities, and some now prioritise a home office over closeness to transport.
As more people are renting with children, demand for outdoor space or closeness to parks has increased.
Flexible working and increased gaming and streaming means reliable and fast broadband is a must.
Besides secure locks, windows, and doors, tenants expect landlords to take every precaution concerning gas and electrical safety.
With the increase in people viewing renting as a long-term option, demand for permission to have pets has surged.
Implications for landlords
Today's rental market presents opportunities for landlords who build a good relationship with their tenants. Happy tenants are more likely to stay longer.
However, increased legislation means landlords have more chances to trip up, resulting in a court case or a hefty fine.
Tenants these days are well informed about their rights and have access to tenant action groups for advice and support. Therefore, cutting corners or being negligent in maintenance and repairs can prove costly.
To enjoy a healthy return on your investment, you must put in a lot of time and effort. If you're busy and don't have the time, we recommend employing a reputable central London letting agents to do the leg work for you.
For more on maximising your rental returns, contact us at Circa London on 020 3137 7877.