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Tenants Fighting Each Other Over Rental Properties As Supply Drops And Demand Increases

Tenants Fighting Each Other Over Rental Properties As Supply Drops And Demand Increases

Tenants Fighting Each Other Over Rental Properties
As Supply Drops And Demand Increases

Tenants looking to rent in the UK’s private rented sector face competition from other would be tenants as demand increases and supply contracts, according the Association of Residential Letting Agents (ARLA).

ARLA’s latest report has discovered that 68% of landlords surveyed reported more interested tenants than available rental properties.

This is the largest successive increase in tenant demand in the last 12 months, with tenant demand figures up from 46% in Q3 2013, 54% in Q1 2014, 59% in Q2 2014; meaning an increase of 9% between the second and third quarters of the year to date.

The tenant demand data is reinforced by the fact that supply of suitable rental properties in the private rental sector has decreased in the last quarter, with ARLA letting agent members recording a 6% drop in the average number of managed Buy To Let properties on their books, down from 143 to 135 per member agency.

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Channel 4's Secret Agent Talks Tradesmen

Channel 4's Secret Agent Talks Tradesmen

Hiring a trusted tradesman can be a daunting prospect for many landlords, especially if it’s a big job on a rental property.

Specialised jobs such as electrical repairs, gas central heating boilers and plumbing jobs require an experienced, time served and qualified tradesman.

However, there are pros and cons to hiring a tradesman.

The advantage is a good quality end result; as a good tradesman will always do a quality job that lasts and looks good.

Beware of cowboys as many landlords and private residential property owners have been on the wrong end of escalating repair works where problem after problem seems to crop up and the overall costs increase massively.

Skilled tradesmen are able to troubleshoot and use the wealth of their years of experience to rectify issues, often finding cost effective ways to overcome problems.

Building a good relationship with any tradesman can often be down to choosing the right one in the first place. Tradesmen who can provide references and recommendations from previous clients are worth their weight in gold, according to Channel 4’s “Secret Agent” Phil Spencer, who says “Three is the magic number when it comes to getting quotes: provide a clear brief outlining the work that needs to be done, with an estimate of your budget. Recommendations are a must, word-of-mouth is often the first point of call, but a choice of three tradesmen is always a plus”.

Read Phil Spencer’s full article on tradesmen for MyPropertyPowerTeam.co.uk here

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Click Here to Find a Tradesman

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