The London rental market is starting to heat up again for the summer. Agency Express said the number of new rentals being listed as ‘to let‘ rose by 22.4% in June, compared to the month before. The volume of properties that were actually ‘let’ increased by 12.3% in the same period. Summer is the peak letting season, so landlords should be prepared to take advantage of the increase in demand from renters. Central London letting agency, Draker, has recently shared its top tips for landlords, which don’t necessarily only apply to properties and landlords in the capital.
If your property is empty, you could consider taking advantage of the peak summer season by letting it short term. The summer is peak season for short-term lets and can bring in as much as 60% more rent every week than a long-term rental. Certainly, in tourist areas in Spain, you will see long-term lets that are not available during July and August. This is because the landlord can rent them out to holidaymakers and earn as much in two months as in a whole twelve months, long-term.
If your property is let, it is a good idea to ask your tenants if they are going away for the summer. This is particularly the case with students, as they often use the long summer holidays to go travelling or head home to their parents. Some insurance companies will not cover a rental property that is empty for more than 30 days consecutively. So check that your property is covered. Also, if your tenant is going to be away for a week or more, it’s a good time to pencil in any renovation work, repairs or decorating. If you have work in mind that would disturb the tenant, such as fitting a new shower, upgrading the plumbing or putting in insulation, then this work is best done while the tenant is out of the house. Energy-efficient work, such as insulation and new windows, will also save money long term and keep the heating bills down.
It is also a good time to take a look at any outside space, if your property has a garden or decent terrace. This can be stylishly remodelled to offer extra comfort for your tenant during the long summer days. Also, it will turn the outdoor space into a feature which could increase the rental value of the property. Look for low maintenance plants such as lavender or geraniums. Decking or tiling is also a good way to create an indoor-outdoor living space which is easy to maintain.
Summer is also a great time to redecorate or just tidy a property up. You have long days, so there’s always good light to work with, and you can leave the doors and windows open to get rid of the smell of paint.
Not only will you have enhanced your property without having to wait for a void period without any rent coming in, but your tenant will thank you for being so considerate.
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