You could argue that Petersfield landlords have enough to consider and deal with given all the regulatory changes that have been imposed on the profession of late.
However, there is a need to keep up with the latest developments and given the level of competition in the lettings market, Petersfield landlords need to do all they can to remain profitable and working efficiently.
There are many challenges that landlords must overcome but void periods are of huge concern. When a property lies empty, a landlord receives no rental income. A void property also means that a landlord must work hard to bring another tenant in, and this can be time-consuming and costly. Landlords should therefore be looking to minimise their exposure to void periods and a suggestion from Savills could be worth considering for all Petersfield landlords.
Flexibility helps in the lettings market
The firm has offered guidance to landlords in a recent report which suggests that a heightened level of flexibility from Petersfield landlords may help the landlord meet the need of potential tenants. The company pointed out the shifting landscape in the rental market and the needs of young tenants and concluded that short term lets may be a solution that is of interest to tenant and landlord.
Savills highlighted several areas where landlords should consider their current market and determine if there was scope for improvement, including:
- How flexible a landlord was on rental fees
- The level of supply that existed in the local rental market
- How to stand out in the local rental market
- What rental package would be of most interest to the tenant and landlord
Assorted studies indicate that rental fees have fallen in some areas in the UK and expectations for the rental market for 2018 suggest slow growth or a fall in prices. Even in areas like Petersfield where there is a reasonable level of demand for rental accommodation, a wide range of factors impact on the market and this leaves many tenants unable to pay much more or place themselves in a position where they could be forced to pay rising rental fees. This is the environment which has created the demand for shorter lets and it may be that many landlords will benefit from the turnover as well.
Petersfield Landlords need to consider what is right for them
Personal taste and preference will influence what a landlord thinks about short term letting but in the current economic climate, it is important that landlords give themselves a greater chance of success. If this is an option that Petersfield tenants are keen to enjoy, it makes business sense for landlords to offer this rental option. Petersfield landlords are advised to discuss the matter with tenants and see if there is a level of demand in the local area.
The Petersfield letting market has a few unique features that set it apart from the rest of the country but there are also many factors shared with the UK rental market as a whole. If you are looking for guidance on the Petersfield rental market, come and speak to a local lettings specialist. At Williams of Petersfield, we are always happy to help.