For the second time in 2022, the level of landlords highlighting an increase in demand from tenants has reached a record high. This is according to Paragon Bank, who in a study undertaken for them by BVA BDRC which spoke to more than 700 landlords, saw a net increase of tenant demand by 65% of respondents.
The previous record high was 62%, and this was reported in the opening quarter of 2022. Therefore, the third quarter is even greater, and sees the market respond strongly after a summer lull. After a few challenging years, the sense of seasonality returned to the housing market, with many industry experts not feeling overly concerned about the quieter time in summer.
Only 1% of landlords reported a slight decrease in tenant demand, and no respondents said there was a significant decrease.
Moray Hulme, mortgage sales director for Paragon Bank, says: “We’ve seen demand for privately rented homes climb consistently since the pandemic. The fact that the all-time high we reported earlier this year has now been surpassed supports our view that the private rented sector remains an essential component of UK housing provision. Renting appeals to people of different demographics and from all walks of life but the flexibility and relative affordability of rented accommodation means its value is even more apparent at what is an economically challenging time for many.”
We help landlords and investors connect with tenants
At Urban BASE, we take immense pride in connecting landlords with tenants. If you are looking for guidance in this matter, or you’d like us to manage this process for you, we can help.
Here are some tips to consider when looking to connect with tenants:
Establish clear expectations from the outset
It is important that landlords and tenants alike are clear about what is expected of them from the outset. This can help to avoid misunderstandings and conflict further down the line. Landlords should make sure that they provide tenants with a copy of the tenancy agreement, and that they go over any key points with them. They should also make sure that tenants are aware of their obligations in terms of rent payments, maintenance, and noise levels.
Keep communication channels open
Good communication is essential in any landlord-tenant relationship. Landlords should make sure that they are available to answer any questions or deal with any concerns that tenants may have. They should also keep tenants up-to-date with any changes or developments that may affect them, such as changes to the tenancy agreement or plans for repairs or renovations.
Be understanding and flexible where possible
Tenants are likely to appreciate it if landlords are understanding and flexible where possible. For example, if a tenant is having difficulty paying rent on time, a landlord could offer to extend the deadline or arrange a payment plan. Similarly, if a tenant needs to make a change to the tenancy agreement, such as requesting permission to keep a pet, a landlord could consider this request sympathetically.
Respect tenants’ privacy and personal space
Tenants have a right to privacy and personal space, and landlords should respect this. This means avoiding entering tenants’ homes without permission, except in cases of emergency, and respecting their right to quiet enjoyment of the property. Landlords should also be mindful of data protection regulations when storing or sharing tenants’ personal information.
Be fair and consistent in your dealings with tenants
It is important that landlords treat all of their tenants fairly and consistently. This means applying the same rules and procedures to all tenants regardless of their personal circumstances. For example, if you require 24 hours’ notice before entering a tenant’s home, then this should apply to all tenants equally. Similarly, if you allow one tenant to break their tenancy early without penalty, then you should offer this same opportunity to all other tenants in the same situation.
Seek professional help if necessary
There may be times when landlords need to seek professional help in dealing with tenant issues. For example, if a tenant is persistently disruptive or fails to pay rent on time, landlords may need to seek legal advice on how best to proceed. There are also various organisations that offer support and advice to landlords on issues such as tenancy agreements and eviction procedures.
We are experts in this field, and whether you need help in managing property or just want a helping hand along the way, we can do it all, so please get in touch.
Contact Urban BASE for all your property market needs
If you would like to arrange an appointment to discuss your next move in the property market, we are always happy to help. Call us on 0845 6431186 today.