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Rental Market Comment May 2013
By
Fiona Guthrie // Thu 23
rd May 2013
The Spring market is traditionally a buoyant time for lettings.
The Spring market is traditionally a buoyant time for lettings. This year has also seen an increase in activity but it is still patchy. The inconsistency in demand is causing some uncertainty with pricing but generally we are achieving good rent levels similar to 2012 and usually close to asking price. However, there are marked variations within the rental market with some sectors out performing others which have been weak.
Newly refurbished properties are generally in short supply and if they are sensibly priced they are usually letting quickly. The key points for landlords right now are to ensure that the property is looking its best and not to over price it. Tired properties are not attracting interest. Overpriced properties often sit empty and go stale on the market.
It is vital to launch the property, in good condition, at the right price, we want to ensure the maximum rental return with the minimum void period.