Demand for executive/luxury rental homes has far exceeded the supply in the quarter from September to December 2011, according to Yvonne Mullaney of Executive Sales and Lettings.
Ms Mullaney reported this week that January 2012 has seen a huge rise in the amount of good quality housing required by tenants who want a home rather than a standard rental. Landlords are now being asked to update their existing homes to bring them up to an acceptable level for discerning tenants. The inability of young couples, first time buyers, and families who have sold their homes and are looking for larger properties to rent is creating a new rental market in Galway. People are no longer satisfied with the quality of traditional rentals in the city and are taking longer to find homes that satisfy their selective criteria. The rental market is booming, but the landlords who refuse to accept the fact that their properties need updating are finding it more and more difficult to rent in this new and demanding sector.
According to Ms Mullaney top prices are being achieved in the higher end of the market, with good quality housing in all areas reaching premium rental prices. Detached houses with high end specifications are being marketed in the region of €1,350 to €2,000, depending on area, quality of furnishings, amenities, and décor.
For landlords contemplating renting their property for the highest rental return, there are a few simple steps to follow which need not cost an arm and a leg, but which will guarantee a fast turnaround of their property and entice the most discerning tenants.
Property should be in tip top condition and grubby paintwork/marks should be given a touch up between tenancies.
The addition of items such as driers are a welcome to tenants in our rainy climate, and reconditioned items may be purchased at a low outlay.
Large fridge freezers are a must for properties to attract sharing professionals.
Where there is only one bathroom, an over bath electric shower is an added bonus.
Mattresses, if not new, should be checked for comfort and cleaned or replaced if necessary. Presentation is important and hygiene is ensured for both landlord and tenant by the provision of good quality mattress covers/protectors.
Shabby couches and seating should be replaced with more contemporary furnishings. There is a great second hand furniture market in Galway where replacement need not be expensive.
Curtains should be in good condition and should be cleaned, pressed, and re-hung with the correct amount of hooks and fittings to ensure they hang properly.
Items like inexpensive prints, mirrors, and wall hangings offer a more homely aesthetic appearance.
Large rugs are a great addition to a wooden floor and offer an opportunity to the landlord to ‘warm up’ the appearance of an otherwise sterile room. This rule applies anywhere in the home where the floor may need a little attention.
Sheds should be cleared out and powerhosed to present in the best possible light.
Gardens should be mowed before viewings and the provision of a lawnmower visible to the prospective tenant.
Kerb appeal is the first indicator of how a property looks internally and front doors, window frames, steps, and front gardens should be clean and tidy and doorframes, doors, and window sills touched up if necessary.
If these important steps are followed diligently, the property should rent within an average of one to five viewings.
Executive Sales and Lettings is a local company run by Yvonne Mullaney who is always on hand to ensure that landlords are given the benefit of her years of expertise in the rental market to ensure that best prices are achieved for their property. The company conducts viewings six days a week from 9am to 8pm, with individual viewings offered to prospective tenants. It has a very fast rental turnover and is the rental agency of choice in Galway due to its commitment to provide the most efficient, professional, service to its clients.
All enquiries should be addressed to the office on 091 447023 or 086 2261018, or visit www.propertiesgalway.com
