Buy to let landlords may need to invest further in property marketing for family-sized homes as they face increased competition from an influx of newly listed rental properties.
Figures released by the Association of Residential Letting Agents (ARLA) this week revealed that the number of higher value houses coming onto the rental market was on the up, as the subdued sales market forced owners on the move to consider other options for the homes they vacate.
Agents Report an Increase in Unsold Homes to Rent
ARLA reports an 11.6% increase in the value of homes entering the lettings market – as more owners look to this option as an alternative to selling in the current climate. The number of agents reporting an increase in terraced homes offered for rent due to a reported selling difficulties has risen by almost a quarter on this time last year, while for semi-detached homes the figure is up almost 10%.
ARLA’s Ian Potter said: “Today’s housing climate and uncertainty around jobs and income means many people are choosing to let rather sell their home, causing an increase in the number of family-sized homes available to rent.”
Marketing Rental Homes More Important
With so many more rental homes to choose from , competition to secure the best tenants is likely to also be on the up – meaning a greater attention to property marketing in rental circles could well come into play.
Landlords who had previously allowed location and necessity to push their premises may now need to consider the same kinds of property marketing tricks as sellers in order for their offerings to stand out from the crowd – with options such as professional property photography and 360 virtual tours offering them the edge over their market opponents to secure solid tenants.