Demand for rental properties in Mid Wales and Shropshire has continued to rise in 2019, exceeding the supply of rented housing available.
The demand places opportunities for new property landlords to enter the market. But first, they should talk to experts in the residential lettings market to ensure they understand the relevant laws, rules and regulations.
Another busy year for lettings
Sarah Rees, a Chartered Surveyor and Lettings Manager based at our Llanidloes, Rhayader and Aberystwyth offices explains the situation: “It’s been another busy year for residential lettings across all our offices. At the time of writing, we manage nearly 1,000 residential letting properties along with a large portfolio of let only tenancies.
“The strong rental market has seen the demand for rental properties exceed the supply of housing stock available. This summer, we experienced the lowest levels of available properties to let for a number of years.
“This was, in part, due to lack of new properties coming onto the rental market coupled with very few tenants giving notice to move and staying longer in one place. The strong demand has resulted in an increase in rents being commanded for good quality rental properties.”
Property inspections and rent reviews
Sarah added: “This year we have recruited additional staff for the dedicated role of carrying out periodic inspections of our managed rental properties. In addition to reporting on a tenant’s compliance of contract and property condition, this process also includes conducting a rent review.
“Where necessary, and in agreement with the respective Landlord, rents have been increased in line with the current local market.”
If you are a residential landlord or considering becoming one, talk to one of our specialist lettings team located at our town centre offices, or call our lettings centre in Newtown on 01686 626160.