End of peak lettings market – is now a good time to let your property?
It’s November, and most of us have been forced to rummage round the back of our cupboards for either windbreaker jackets, thick winter coats, or even waterproof gilets for the trend-setters amongst us.
Importantly however, as a landlord you may typically be experiencing a significant downturn in viewing requests for your property. Now Summer is well and truly over, most people are now rushing out of work at 6pm, struggling with their umbrellas and hurrying back to their warm homes to sit by the fire and sip a mulled wine.
Landlords will be well aware that the Summer months are the best time for renting out their properties as people generally want to settle in before school terms start in September, and, well – during the viewing, your property looks much more appealing to rent under cloudless blue skies.
So what are the advantages of letting a property when the Summer rush has died down? Here, Stirling Ackroyd’s lettings specialists let you in on some handy seasonal tips.
Firstly, university students who start their terms slightly later than the schools may require viewings in mid- to late October. Many students transfer universities or request changes of residences right up until the end of November so it’s worth keeping your eyes open for young academics who need a roof over their heads quickly.
This is linked to the ‘lower quantity, higher quality’ way of thinking for landlords when seeking tenants later on in the year. Although well into the low season, the ‘quality’ of enquiries increases as viewing requests tend to come from more genuinely motivated prospective tenants.
Furthermore, tenants who are savvy enough to remember that tenancy contracts are usually signed for 12 month periods may also be looking to wait until October or November. This is because as the majority of people begin and end their tenancy cycles in either July or August, there is evidently a bit of a scramble to find the right property amidst numerous tenants all vying for the same property.
Some tenants attempt to avoid this bun-fight by waiting until later on in the year, meaning that their 12 month tenancy cycle is not affected by the stress of Summer house hunting.
Factoring in substantial price reductions and attractive bargains which can fill empty properties fairly rapidly, the beginning of winter need not be a frustrating time for landlords before the close of the year.
By monitoring your prices and staying vigilant for the right tenants for your property, you can maximise the number of viewings long past the traditional Summer period and extend rental income until Christmas.Relationships between tenants and landlords should be one of mutual benefit and at Stirling Ackroyd, we’ll do everything we can to help landlords fill and maintain their properties, whichever month of the year.