The year 2024 seems to be a promising time in the rental market, filled with exciting opportunities for landlords. But with the new Renters (Reform) Bill on the horizon, staying informed about the latest trends and changes in the market is more crucial than ever.
In this post, we will share essential insights and tips for success in the expanding 2024 rental market. From understanding the implications of the Renters (Reform) Bill to adapting to emerging market trends, we'll equip you with the knowledge you need to make the most of these promising opportunities.
So, let's dive into what you need to keep an eye on in 2024 to make the most of your letting experience.
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2023 was a record-breaking year for rental income, with average rents reaching new heights for the 15th time in a row. It's an exciting time for landlords! According to experts at Rightmove and Zoopla, this upward trend isn't slowing down as we head into next year. In fact, Zoopla is predicting something quite remarkable – monthly rents might start to gradually surpass wages. This is largely due to the increasing demand for properties, which continues to push asking rents higher.
So, what does this mean for you as a landlord? Well, it's a great sign! It suggests a robust rental market, where your investment could see even more profitability. However, it's also important to stay mindful of the market dynamics. As rents rise, staying informed and adaptable will be key to making the most of these trends while also being considerate of your tenants' needs.
Despite some upcoming legislative changes (don't worry, we'll dive into those details a bit later), 2024 is shaping up to be a promising year for landlords. We're seeing the highest-ever asking rents, and the pool of potential tenants is looking more robust than ever. Now, this is where choosing the right letting agent becomes crucial.
With a good agent by your side, navigating the rental landscape can be smooth sailing. They can help you tap into this thriving market, ensuring your property not only attracts the right tenants but also secures the best possible returns. It’s all about making your rental property work for you in the most efficient way.
Smarthost effortlessly manages your property, offering hassle-free service. We partner with 1,200+ property owners and lead in short-term rental management. On average, our landlords earn 40% more than with traditional methods.
Join our discovery call with Smarthost's top property expert.
Let's talk about a trend that's popular among many London property owners, especially those with properties in those lovely tourist spots. During the winter, it's all about stability and long-term relationships with your tenants. This is where Assured Shorthold Tenancies (ASTs) come into play. They're a popular choice in the UK, providing a secure agreement for both you and your tenants over the winter months.
But as the days get longer and the weather warms up, there's a shift in the air. Summer is when the magic happens for holiday lets. Many of you are transforming your properties into short-term holiday retreats, tapping into the higher demand from tourists and vacationers. It's a smart move that can maximise your earnings during the summer season.
In 2024, make Section 21 your tool for a flexible and prosperous rental journey. It's a great support in smoothly managing your properties, helping you switch easily between longer winter lets and shorter summer stays, all while following established procedures and notice periods. This adaptability is key to boosting your rental portfolio.
If this seems overwhelming, don't worry! At Smarthost, we're here to help you handle seasonal lets with ease. We've created a unique letting strategy that mixes short, mid, and long-term stays, all designed to maximize your earnings. With our approach, you could earn up to 60% more than traditional long-term rentals.
In the upcoming year, 2024, we anticipate a unique landscape for landlords. While property prices are expected to experience a decline, the demand for rental properties is steadily increasing, resulting in the potential for a slight growth in rental yields, as noted by Rightmove.
If you’re looking to expand your portfolio, 2024 may be a good year to actively look for the right investment. When you partner with us, we’ll make sure you’re the first to know about new properties within your budget and investment goals. Let Smarthost be your guide to a prosperous year in the rental market in 2024.
In Q3 2023, there were an average of 25 applicants for each rental property. This trend is expected to persist due to factors such as high mortgage rates and a limited supply of available rental properties. As a result, tenants may face increased competition for rental homes, making it essential for them to act swiftly when searching for suitable accommodations.
The thriving rental market presents opportunities for enhanced profitability in your investment. However, the challenge lies in selecting the right tenants. Smarthost's guest vetting service provides a comprehensive solution. Our thorough vetting process ensures that you find reliable and respectful tenants, allowing you to navigate this exciting market with confidence. We're here to help you strike a balance between profit and peace of mind, making your landlord journey smoother and more rewarding.
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And finally, in 2024, the Renters (Reform) Bill will reach its finalization stage, potentially bringing significant changes to the rental landscape.
With a general election on the horizon, there's still some uncertainty about whether this Bill Reform will become law next year. Even if it does, there will be a grace period for existing tenancies. In these uncertain times, it's important to note that in a recent Uswitch survey, we found that two-thirds of landlords are considering switching to a managed let. Interestingly, a third of them mentioned that they're tired of dealing with all the legislative changes as their main reason for making the switch.
The best way for landlords to ensure they're fully protected is by teaming up with a trusted property management company. After all, the law is constantly changing. When you partner with us, you can rest easy knowing that whatever happens with the Bill, your rentals will always comply with the latest regulations.
So why wait? Book your free discovery call with Smarthost's top property expert. We've got your back!
*Data supplied by Zoopla and Rightmove Rental Trends Tracker Q3 2023.
Alex
Personal Trainer
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Smarthost has truly transformed the way we manage our properties, allowing my partner and me to grow our portfolio with ease. Their tailored services mean we can step back and yet remain completely in charge, ensuring the management of our properties is smooth as we focus on our professional lives.
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