Last week, it finally happened. For 4 days we had NOTHING left to rent. All of our rental properties were fully occupied. We manage over 300 properties. Some people might think this is a great problem to have. However when you have people calling up looking for somewhere to rent – it is hard saying sorry, we really do have nothing.
This week it is slightly better. Three homes have come up for re-let, however, all have them have received numerous good quality applications already. On a positive, we have 3 brand new lets coming available soon – two over in Morecambe and one in Caton. I just wish it was enough to meet demand.
Demand is at an all-time high. 41% of agents have reported an increase in demand since lockdown started to ease. The problem is no agent has reported an increase of new rental properties coming to the market.
Can you help? Do you have a property that you have considered letting? Could this be a great opportunity to expand your rental portfolio? Think of the great returns you could be getting on your property. Many local homes have a gross yield of over 5%, quite a number over 6%. It’s certainly a better return than you get in the bank and many are saying a much safer place to invest than Stocks and Shares!
If you would like to talk about the local rental market, please call us on 01524 843322. At JDG we are to help.
Thanks for reading