Landlords and residential property investors are finding the rental market more challenging in recent months with rents in some locations falling by approximately 10 per cent. While this is bad news for landlords, it is good news for tenants. There is still good activity in the rental market with many would-be property purchasers staying in the rental market. However supply of rental property has increased as those vendors who cannot currently sell are deciding to rent as an alternative.
Linda McCallion, manager of Sherry FitzGerald Kavanagh lettings, advises landlords to be realistic in their expectations at the moment. If landlords take their agent’s advice on what is actually happening on rents, they are likely to get their property let faster. Offer tenants a realistic standard of accommodation and provide as much as you can to entice tenants to your property over competing properties. Remember it is very difficult to make up the value of one month’s lost rent over the remaining 11 months period.
Ms McCallion advises landlords to be realistic in the term of tenancy they are prepared to consider. If a tenant only wants a property for six months, why not consider this? Often tenants will stay longer if they settle in the property. Another option to consider is to sign up a 12 month lease and give the tenants a six months break option.
Present your property as well as possible. Have it clean, bright, and well furnished. Location is still a key factor in the decision of potential tenants. City centre properties close to Salthill or the university and hospital and/or major transport hubs are likely to be in greater demand. This in turn is likely to mean higher rental value and quicker turnaround time with fewer vacancy periods. Consequently, less well located properties will take longer to let if landlords do not take a realistic view of recently achieved rents in their area.
Ms McCallion also advises landlords to hold onto existing tenants where possible; be flexible and work with the tenants even if it means reducing the rental value slightly to accommodate them. If they are good tenants and are making a genuine effort to meet the rent and are keeping the property well, it is better to have them there than not.
As mentioned, the rental market is active even though it has slowed somewhat from its peak. If landlords take a realistic view of rents and provide good quality accommodation presented well, they are likely to have it rented quickly.
Linda McCallion, lettings manager of Sherry FitzGerald Kavanagh, can be contacted at (091 ) 569123.
