The rental market has been very different for us during 2016. At any one time we would normally have around 25+ properties to let, but this year has seen the average be around 8 available at any given time. This has resulted in great competition for rental properties amongst tenants and an increase in the rent the properties can achieve.
I did some investigations and of the current live tenancies on our system (let only and managed) 47% have been in their tenancy for over 2 years. Our longest standing tenant will be celebrating her 16th year in her property this month!
The rental market has changed so much since she moved in. It suits many investors that tenants are now staying longer but means that fewer properties are coming onto the market for re letting and thus reducing the numbers of property available.
December too has been a strange month - with double the number of notices coming in from tenants. These re-let properties are letting quickly so our residual stock remains around the 15 mark.
What will happen in 2017? I think rents will continue to increase as the availability of property remains low and the demand from tenants is still high. Bingham will always be a popular place to live as there are plenty of employment opportunities in the area , along with good schools.
If you are considering an investment during 2017, please feel free to give me a call or pop into my office in the Market Place, Bingham.