Rental market appears to surge

Finding myself with 2 void properties to fill recently, I researched my local area to gauge the level of demand for rental houses. Nine months ago it was a tough market - with only the most presentable properties moving relatively quickly. I have always found that by presenting properties well, and not being greedy on the rents asked it is pretty easy to fill empty houses even in 'bad' times.

However, as I say, a few months ago it was harder than normal.

How times appear to have changed - certainly where I live - and I suspect in a lot more places too. Both properties rented out in one week. I could have let them go after just one day. However, when I realsied the extend of the demand currently i realised that I could build up a frenzy amongst potetnial tenants - and cherry pick the best tenants. One property had 19 enquiries (and apparently dozens of 'drive by' viewers - according to next door neighbours), the other property had 14 enquiries.

I managed to get 2 decent families in them - with great references and guarantors for the rent.

Speaking to one established letting agent in particular - she informed me that out of 132 properties on her books - only 6 remained! She explained that if she was given 100 extra properties now - then she could move them all in 3 - 4 weeks time!

Why is this? I asked her this question and she explained its simply because many reluctant landlords who were forced to rent their properties because they couldn't sell 12 months ago have now left the market. Also, many people are choosing to rent because of the fiasco in the loan markets and this has apparently put many people off home owning for the foreseeable future.

There are also apparently, less tenants moving around from house to house as they seek stability in troubled times.

All this is good news for landlords who need to fill a void. However, it shouldn't be a charter for landlords to let their standards slip because its easier to to rent houses out currently. One day this will surely change again - and that's when your marketing and presentation and people skills will allow you to outperform the many landlords who just don't care.