Times are changing: Lettings market advice
In 2019, the tide has turned and it's now a tenants market; make no mistake about this. Beds are very important nowadays (yes, beds!). Tenants want decent-looking beds, preferably with storage space underneath.
Feedback from tenants tells us there’s nothing worse than having an old-style Divan bed. Not only are their multi-coloured, chequered patterns ugly, but they offer no storage space underneath and are prone to being damaged beyond repair with the slightest bit of effort.
With the amount of belongings tenants have nowadays, storage space is essential, so we're strongly encouraging our landlords to provide metal or wooden-framed beds with space underneath.
For the tenant, there are obvious benefits to this, but there are also positives for landlords;
- less items piled high against walls, which has always been a recipe for condensation because walls need to breathe too.
- bedrooms looks far more presentable, which is key when showing prospective tenants around.
- such beds are typically metal or wooden frames, so are infinitely more repairable than an old-style Divan.
If you haven’t noticed it already, the Cardiff lettings market has changed in recent years. For the first time ever, it feels like tenants have a real choice.
More than 6,000 new rooms have been built from the ground up in Cardiff during the last five years. When you consider these numbers are in addition to record levels of owner-occupied properties being bought by buy-to-let investors, it's no surprise the tide has turned in tenants' favour.
Supply has at last overtaken demand, leaving tenants pondering; "Do I choose one of the many centrally-located new-builds with ensuite bathroom and gym... a refurbished house/flat with new, matching furniture… or something else?"
The outcome: Properties that haven’t seen significant improvement in the last five years are suffering from a lack of interest. If they do manage to attract tenants, it's inevitably for a lower rental income than before as landlords are forced into offering cut-price deals in a bid to secure occupants.
The answer: Demand remains strong for medium-to-high-end Cardiff properties. We’re not saying every property needs to be luxurious, but with the amount of choice they have nowadays, prospective tenants want to see that consideration has been given to things like modern, matching furniture and its arrangement with a room, dryers, bike racks/sheds in gardens and wall-mounted TVs that come with the property, among other things.
A lot of landlords have realised they need to move with the times in order to guarantee tenants for years to come. Changing the beds shouldn't be considered an expensive measure. Instead, it should be regarded as an investment for the future.
If you'd like to discuss your property with us, please make contact with us today on 02920 668585 or reply to this e-mail. We'd love to meet you there and go into greater detail than we're able to over the phone/via e-mail.
The information contained within this article was correct at the date of publishing and is not guaranteed to remain correct in the present day.
