Tips for Retaining Reliable Tenants

by Taryn Davies Stevens • 2 MIN • 268 Words

The rental market has shown considerable activity, but as interest rates stabilize, landlords must prepare for potential shifts in market dynamics. It's crucial for landlords to stay informed about local property trends to retain and attract reliable tenants in the coming year.

With the property market favouring landlords in recent times, the expectation of stabilized or decreased interest rates necessitates landlords to stay in tune with their local real estate experts to navigate evolving trends effectively.

According to the Q3 2023 PayProp Rental Index, rental prices saw a notable year-on-year increase, reaching the highest growth rates since 2017. Additionally, the percentage of tenants in arrears decreased, marking the lowest figure since tracking began in 2020. However, amidst high interest rates and inflation levels, affordability remains a concern for consumers.

Landlords with dependable tenants should consider this before implementing annual rental increases. While default rates are declining, retaining reliable tenants often outweighs the risk of seeking new ones.

As interest rates potentially decrease, demand for rental properties might dip temporarily, though the transition to homeownership will likely take time. Successful landlords remain vigilant, adjusting rental rates in response to market dynamics, and partnering with local real estate agents for insights into neighbourhood nuances.

For landlords seeking new tenants, thorough screening by rental agents and setting fair rental prices are essential for attracting reliable tenants. Informed tenants, aware of comparable rental costs, tend to be the most responsible.

The upcoming year presents opportunities for both landlords and tenants. To maximize benefits in any market condition, collaboration with trusted real estate professionals is paramount.

INTRO REAL ESTATE, it’s the right choice.

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