Increasing numbers of properties are being re-let before the existing tenant moves out due continued strong demand throughout the summer.
“From our offices in Oakham and Kettering, we’re finding that more new lets are being agreed well in advance of the current tenant leaving. As a result we’ve seen void periods fall, with a growing number of landlords having a new tenant lined up over a month before their existing tenant leaves. This is great news for Landlords and while leaving some time for maintenance between tenancies is strongly advised, on occasions there can be just a matter of hours between a tenant moving out and one moving in,” says Darren Haughton of Osprey Lettings
“The buzz around a new property coming onto the market is also usually our best chance of securing the right tenant willing to pay the most rent. In more competitive markets, the first tenant to view a home is often willing to pay a small premium to ensure the landlord takes the property off the market and that no further viewings take place. Proactive tenants who are looking to move quickly are frequently willing the pay the most”.
The average let agreed while tenants are in place can sometimes equal to 105% of the asking rent, or an average of £20-£25 a month more than the asking rent.
This is great news for landlords and underlines the need for regular rent reviews but also highlights the lack of supply of new property to the market.