Rental prices have been rocketing in London, and they have now reached an all-time record – which is not good news for tenants desperate for a place to live. But why are rents going up so much? And will they keep on rising or is there an end in sight? Here's a look at what's going on.
Life as a Landlord can look like, to some outsiders, a road to riches. But, as actual landlords all know, you have to work hard, be smart and have a bit of luck for those riches to be realised! There are lots of decisions to make, some of which are tougher than others, before you can start enjoying the profits you’ve made.
One crucial decision that many landlords face is whether or not to take on short-term or long-term tenants. While there may be the odd time when you’ll, quite frankly, take almost anything that comes your way. For the most part, this will be something you plan for. The property you buy, the area you choose and the rent you’ll charge will stem from, in a large part, from what type of renter you’d ideally prefer to have.
Not that easy, is the short answer. That’s because the requirements of both sets of tenants tend to be quite different. Short-term tenants can be holiday-makers visiting a popular beauty spot or city or area or they can be corporate workers either looking for something on their own, or you might have a large international firm footing the bill.
Of course, there are all sorts of reasons someone might require a short-term rental agreement, but these two are among the most common.
For those reasons you’re usually looking at buying an easy-to-maintain property in a prime location, be it for the city workers or for the book-it-yourself holiday-makers. A good location pushes the value of a property up considerably, so you’ll need to be confident you can rent it out at the rate you need, for enough of the year in order to make it a profitable venture.
While location still features highly for long-term renters, unless you’re in a London suburb, good schools won’t always inflate the price of a home beyond many investor’s tolerances. You will still need to offer lots of great conveniences though: off-street parking, good access for transport and travelling and close to useful amenities such as supermarkets and restaurants.
And, while garden space is a requirement for many long-term renters, you can keep it low maintenance with a small lawn and decent patio area and disregard the nice to look at but hard to keep-up flower gardens.
However, you never know what is important to different people, so it is always possible that your perfect for long-term renters is the ideal home for a six-week holidaying family and vice versa for the property you deemed perfect for a regular short-term turnover.
Remember to always keep a calm head, triple check the numbers and make sure your insurance is suitable and you’re up-to-date with the necessary regulations. And, if you’re just not sure take a look on our Ezylet website for more articles on property and being a landlord. We’re not only here to help you find a tenant, we’re here to help you find the right tenant for you and your property.
There are a number of pros of having and retaining long-term tenants and by long-term we mean 12 months or more.
Of course, few things in life are perfect and so it with tenants. Sometimes, long-term tenants can bring some less-beneficial details to your finances.
Short-term tenancies can offer much promise to the right type of landlord and investor. Some of which we list below.
If it’s going to make you more money, surely there’s a catch? Well, yes, there might be. Let’s take a look at what’s not so great about short-term renters.
As you can see, there are good and bad points for both types of tenants. Your job is to ascertain which would work best for you, your property and your people and property management skills.
Whichever decision you make, it generally pays to be flexible and if you’re armed with enough details, knowledge and facts you may well be able to take on both types pf tenants for different properties or at different times. Only you can know what’s best for you so do your research, use your head and be confident in your decision.
Information contained in this article may have changed since it was first published. Ezylet strongly advises you to seek legal advice from a qualified professional.
Mould happens. If you're not in a new build in the UK you've likely had problems with mould. Security deposits act as an insurance for landlords to replace or repair damages by the tenant but where does mould fit in. Whose responsibility is mould? You’ll be pleased to know it's not a straightforward answer, it’s a grey area and likely depends on which situation you find yourself in.
As a consequence of the European Union Directive on Energy Efficiency, updated in 2012, brought into statute through the Heat Network (Metering and Billing) Regulations 2014 mean that HMO tenants will be able to view and take note of their energy usage.
Recent research from the National Residential Landlords Association (NRLA) has suggested that tenant demand for rental properties in England and Wales is the highest it's been for five years.
What really makes a house a home? With the Government’s fixation on buying, it’s hard for tenants in rental houses and rental flats to truly settle. But with some long-overdue reform to the Tenant and Landlord Act, we say property rental can make the happy home you deserve too.
In a matter of weeks, the Coronavirus pandemic has spread to every corner of the world, and the UK has just announced a complete shut-down. While no one knows how long the situation will last, one thing is clear: the economic hit will be significant.
Whilst the ideal for many people would be to buy their own property before the arrival of children, this isn’t always possible.
When you are looking at renting a property it can seem that there are a whole host of rules, regulations and terms that you need to read through before you can sign your agreement and get your keys.
The UK government has recently released new guidance around Right to Rent checks for landlords, extending the amended process that has been in place during the pandemic until the start of September.
Legionella’s disease, as defined online and in a previous blog post, is a form of atypical pneumonia caused by bacteria. The disease is potentially fatal and is something all Tenants and Landlords should be aware of, to ensure that the proper safety checks can be included within their property. This is especially prevalent after Covid-19 and lockdown where many properties have been left vacant.
The below guide are for Landlords who wish to gain possession of a privately rented property let on an Assured Shorthold Tenancy
This guide to Section 8 notice is for Landlords who wish to gain possession of a privately rented property let on an Assured Shorthold Tenancy.
Lots of us at this time of year leave our property empty for a few days as we head home to see family and friends over the Christmas break.
September has been a busy month for everyone. Children returned to school, some people returned to work and the property market continued to thrive making everything start to feel a bit more normal. Here’s a summary of the property news we have covered in September:
As part of our series on end-of-tenancy cleaning tips, this week we present a few tips and tricks that tenants can use to clean your carpets at the end of their lease, or that landlords with a bit of the old DIY in them can use after a less attentive tenant moves out.
If you are a Landlord and rent your home or property on an Assured Shorthold Tenancy (AST) agreement that started after 6th April 2007 then you must put any deposit you accept in a government backed tenancy deposit scheme (TDP).
If you are renting a property in the UK and paying a deposit to your Landlord there’s some legislation you should be aware of – Tenancy Deposit Protection (TDP).
In a last-minute U-turn, the government decided on Friday 21 August to extend the current eviction ban by a month. The ban had been due to end on Monday 24 August after being in place for five months, but the extension means that courts in England and Wales now won’t hear any repossession cases until 20 September.