Rent Reviews – Am I getting market rate?
Welcome to week 3 of the Blog Posts.
I want to focus this week on rent reviews. If you are a landlord with properties, whether that be a singular property or a portfolio, when was the last time you carried out a rent review on your property/properties?
We have seen record-high rents throughout last year, which has continued into 2023 with no signs of slowing down. Driven primarily by a lack of rental properties in the market and an abundance of tenants, rents are being pushed up as tenants battle it out to secure their next home. For example, we have seen your typical two-bed terraced property in Reddish increase from £750 to £900 over the course of 12 months. This is echoed in other areas such as Edgeley, Davenport, Offerton etc, where good quality properties are pushing up to new heights.
Rents in Greater Manchester have risen by 19.4% over the last two years. In comparison, between 2009 and 2017, they only rose 4.8%.
If you have a sitting tenant in a property, perhaps on a periodic agreement, now may be the time to take a look at the rental amount you are receiving and assess if it is in line with current market values. This is something I can assist you with free of charge. Utilising our market evidence from the last 12 months and market trends, I can provide you with an up-to-date rent review to ensure your property portfolio is working at its highest potential.
Whether you look after your properties or have a management agent, I will offer my honest advice and opinion on your property. Please reach out to me on either email@example.com or 07384 810881.
Liam Foster – Lettings & Investment Manager – Stockport