The landlords rejuvenating our lettings landscape
The lettings landscape continues to change and evolve, and the market today is vastly different to that of only a few years ago.
The lettings landscape continues to change and evolve, and the market today is vastly different to that of only a few years ago. Yet through all the doom and gloom shared in the press, we are seeing new life being breathed into what has been a tough period in the buy-to-let scene. The growth in one type of landlord is providing a much-needed property injection in the demanding and growing Bath lettings market.
According to a YouGov survey conducted last year, nearly one in four households in the UK by the end of 2021 will be in private rented accommodation. Meeting such demand across the country is proving increasingly difficult. For young professionals, the quality of the rental is just as important as the location. With tenants increasingly lettings aware, how the property is managed is a critical factor affecting their choice of property. They need to know that the property will be maintained and cared for during their tenancy.
Who are these landlords rejuvenating our lettings landscape?
Although the sales market is robust, it isn’t as strong as we have seen in recent years. We would go as far as to say that some homeowners are still reluctant to put their properties on the market. This reluctance has seen them seek alternative solutions such as letting their property, thus becoming what is known as ‘accidental landlords’.
On the whole, accidental landlords enter the lettings market due to a change of circumstance, work could require them to move, or they may be looking to move in with a partner. Their unwillingness to sell means they choose to let out of necessity, which is why the term ‘accidental’ is used.
One of the major problems faced by these landlords is understanding their responsibilities. This is not surprising, with new legislation being introduced, changed, and amended every year, it’s hard to keep abreast of what you need to do. It is therefore understandable that accidental landlords can feel completely overwhelmed when they enter the lettings market.
At The Apartment Company, we’re finding that our lettings department is as busy as ever, as landlords seek management of their properties from a local agent who truly understands the eccentricities of this sometimes complex market.
It’s great to see such rejuvenation and beautiful apartments becoming available for our many tenants seeking a new home. We’re currently supporting a number of accidental landlords to ensure they are best placed to secure a successful tenancy.
Legislative advice is not the only way we can support you as a landlord; we can provide guidance on finding the right tenant, and explain all those nitty gritty details that sometimes get overlooked, as well as simply being there to listen and advise when needed.
Choosing the right letting agent to support you when you decide to dip your toe into the lettings market is essential. Should learning more about becoming an accidental landlord be of interest to you, our lettings team are always available to talk through the process, helping you to decide whether it is the right choice for you and your property.