You will no doubt have read recent news articles showing that the rental market in Scotland has suffered more than most of the rest of the UK in terms of there being fewer tenant enquiries overall and longer void periods between tenancies.
One major contributor to a lessening of demand has been that students and particularly post-graduate students who are registering for the 2021-22 academic year are being less committed to renting as they are still not 100% sure that full classes will be back in place by the Autumn. This also applies though to professionals who may still be working remotely from home rather than taking properties in the City for the duration of their contracts.
With any reduced tenant demand, it is more important than ever for properties to be presented to be as attractive to tenants as possible and that presentation is done with the target tenant market in mind. We always provide advice to clients on this and simple low-cost upgrades to a property are an easy way to make it more attractive to tenants and cut down void periods.
One other factor we have noticed is that properties in more rural or suburban areas are still showing high demand. This is probably a result of more people thinking of working from home more often or on a more long term basis. This will give new opportunity for landlords in these areas where yields are often higher but one key factor to note if buying away from major town centres is broadband speed which, because of increased working from home, is more than ever a major factor in tenants choosing a property.
Hopefully times will be returning more to normal in terms of daily life in the next few months but it is likely that some of the changes seen over the last year will continue. As a result, landlords need more than ever to be flexible in their approach to buying of buy to let properties and also in preparation of properties for let.
At JLC Property we will continue to advise and guide our clients on portfolio development and property preparation to maintain best yields and keep void periods to a minimum.
If you have a question, would like an expert opinion or a free valuation please contact us via https://www.jlcpropertylettings.co.uk