Enjoy the Long-Term Benefits of Being a Leicester Landlord

Leicester offers a wealth of opportunity if you are thinking of becoming a landlord or extending your East Midlands property portfolio. This is especially true right now, as new figures reveal that the gap between demand and supply of rental properties got wider at the start of this year as more would-be tenants entered the market compared to the properties coming up for rent.

ARLA figures show an increase in tenant numbers in January but a drop in supply, which reached a low last seen in October 2017. The data also revealed that 19 per cent of tenants saw rent rises in January. This was three per cent up on December but was four per cent down on January 2017.

Rising rents are also reflected in February’s England & Wales Rental Tracker, which showed annual rent growth went up from 2.3 per cent to 2.5 per cent between December 2017 and January 2018.

The data revealed that the average rent paid by tenants in Wales and England was £829, and the fastest growth was experienced in the East Midlands and the North West. Both saw a 2.9 per cent rise, bringing average monthly rents in the East Midlands to £652 and to £636 in the North West.

Fairly unsurprisingly, London was highlighted as Britain’s most expensive area in which to rent property. Rents averaged out at £1,276 each month, although this was actually a 0.8 per cent decrease annually.

The North East saw the largest percentage fall as rents went down by two per cent in the year to January, reaching an average of £534-a-month. This region remains Britain’s cheapest location.

Overall, this year is being heralded as being a positive time for England and Wales’ property markets, with data identifying more tenants viewing renting property as a longer-term choice. This means that landlords should increasingly be working with letting agents such as Keywest to identify features which will encourage longer tenancies.

These features could include allowing tenants to keep pets at the property, something proven to encourage higher rents and longer tenancies, and offering the use of such communal living extras as gyms, childcare facilities or a shared garden.

To find out more about how Keywest could help you secure your next rental property or assist you in securing long-term tenants, get in touch with a member of our team today. Call us today at our office at Hinckley Road 01162 544 555, or Queens Road 01162 544 543.