> Rental Market Comment Autumn 2015 | Plaza Estates London
Rental Market Comment Autumn 2015
By Fiona Guthrie
// Thu 24th
The waive of demand from students has duly arrived and the corporate sector is also fairly active.
This Autumn the rental market remains strong. The waive of demand from students has duly arrived and the corporate sector is also fairly active.
We have experienced a higher percentage of tenancies renewing with 82% renewing so far during 2015 compared to 74% in 2014 and 68% in 2013. Generally our tenancies have rather enviably long term tenants and we strive to ensure we match the right property with the right tenant. We also do our utmost to ensure both parties are happy throughout the tenancy, keeping in contact during the term. This applies to properties where we are not acting as the managing agents; we still keep in contact with our landlords and tenants offering advice and keeping our clients up to date on any changes in legislation as well as tips on how to handle a tricky maintenance situation. However, our Property Management Department offers a superb service and fully managed properties do generally have the longest tenancies.
New legislation this Autumn (1st October) requires landlords to install a smoke alarm on each floor of a property and recommends a carbon monoxide detector should be fitted by a boiler (and must be fitted by a solid fuel appliance). Alarms must be tested at the start of a new tenancy. Basic checks should also be made by/or on behalf of Landlords to control the risks of legionella but no certificates are required to be issued to a tenant. Please contact us for further details
As ever, tenants are expecting all properties to look newly refurbished and stylish and yet to be affordable. It is vital for properties to therefore be clean and fresh and good presentation is key. We know the styles that appeal to most tenants and can give landlords advice on presentation tips, re-decoration, new furniture or a total refurbishment.