The UK private rented sector has grown by a whopping 47.9 per cent since 2007, according to a new market report from Jones Lang LaSalle.
And the expansion of the private rented sector (PRS) is likely to accelerate with UK landlords looking to benefit from increasing rental demand.
James Davis, CEO of online lettings agent Upad, says: “The latest report from Jones Lang LaSalle suggests that 1.7 million additional privately rented homes will be needed over the next four years to meet demand.
“And, as a result of growing tenant demand, there is strong motivation for landlords to increase their portfolios and take advantage of the market.”
It seems that UK landlords plan to increase their portfolios, with a recent ‘Private Rental Sector Trends’ survey from specialist buy-to-let lender Paragon Mortgages revealing that the average holding is set to increase from 12.5 per cent to 12.9 properties within a year. Of those landlords surveyed, 16 said they plan to buy more property to rent out over the next 12 months.
James said: “The UK’s private rented sector is not only stable, it is increasing. There is more incentive than ever for UK landlords to invest in rental properties with the likelihood that we will see a significant increase in the number of accidental landlords entering the market over the next year.
“As a result it is important to highlight exactly what it takes to be successful in this game.”
For UK landlords looking to take advantage of the PRS, why not brush up on your landlord skills with these top tips from Upad?
1. Meet your tenants – It is essential that you get to know your tenants and form a professional relationship with them. If you make the effort to form a solid relationship this should make for a smoother tenancy with less hassle.
2. Reference your tenants – This might sound obvious, but always make sure a tenant can afford the rent. It is also worth doing your research and checking that their rental history is free of any problems.
3. Professional photography – Getting professional photographs for your ads will get you up to eight times as many tenant enquiries per day.
4 Set up a standing order man-date – Why not set up a standing order mandate which will mean that your tenants will never forget to pay the rent?
5. Name drop – When advertising a property, mention you are a private landlord in your ads. Many tenants don’t want to meet an agent for viewings, so this may be a big selling point.