Landlords should concentrate on securing good tenants
With the current rental market booming the temptation for some landlords is to make a quick profit from high rents, but one expert believes that this is not a good idea.
James Davis, chief executive officer at Upad, said that those renting out a property should not take any notice of the trend of rents increasing.
“A landlord shouldn’t put their rents up by ten per cent just because that is what was in the papers at the weekend.”
He explained that understanding the current marketplace is crucial and that taking a slightly lower rent for a long period of time is a better strategy than trying to maximise rent for a short spell.
“Securing good professional tenants with excellent references is far more favourable than maximising rents in the short-term,” he concluded.
Recent research from LSL Property Services revealed that tenant arrears reached their highest level since January, with 9.9 per cent of all rent late or unpaid, indicating that tenants would struggle to pay higher costs.
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