Rental Income

Mmmm…after being told that my tenants are moving out I started looking at the rental offerings in the local area. Looks like there may be a glut of rental properties around as I have found a property up for rent at a 5% lower rate than mine. It could be that I will have to drop my rental rate to get a tenant due to market conditions. All this growth in rentals may now be starting to have an impact on the rental rates?

I will wait and see what happens when the agent starts to market the property. I havent seen any ads yet but I hope they will get their finger out soon and get the property advertised and see what interest is stirred. This cheaper property has a better layout than mine but doesnt have as much parking and is also looking out onto the road whereas mine is in a corner plot and has no road immediately outside the door.

I will have to wait and see what happens, I have just received my last rental payment. so that’s the last of my income from this stream for a while, dry times ahead. This will test my rental nerve. 🙂

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5 thoughts on “Rental Income

  1. Good luck with this SB 🙂 – it can be a bit of a nerve racking time.

    btw have you ever though about DIY’ing your rental. We used OpenRent last time and it was a doddle – we only lost 6 days rent during the crosssover, saved hundreds in agents fees and the tenants like it as they don’t get charged an arm and a leg either. It’s definitely worth looking at especially if you’re going to have more time in the future. 🙂

    • I may consider this when I have more time. At the moment it is good as the agent sorts everything out and there have been a few maintenance issues that the agent has quickly sorted as I dont know tradesmen who could be so quick to resolve.
      When I was travelling around the country with my previous job, it was great as I didnt have to worry about anything.
      I will have a look at OpenRent and see how it works 🙂 Thanks.

  2. I’ve found that rental rates can vary week to week according to local demand. Now that the Easter bank holiday weekend is over you may find things pick up a little. Fingers crossed for a smooth changeover for you!

  3. Good luck and fingers crossed that you get a tenant in soon. Personally, I would sooner have someone in my property at a reduced rate, than have no one in and having to pay for council tax, utilities etc.

    • Hi Weenie,

      Thanks. Your view was exactly what I was thinking – given the research findings on rental fees in the local area. I will wait and see how the re-marketing goes, if I don’t get any takers I may have to drop the fee. It just goes to show that the rental market is growing and competition is going to start picking up. All this media coverage over lack of houses to buy and pension pots being cashed in to buy BTLs only adds to the situation. As with the article in the Guardian this week – people are going straight for their ‘dream house’ rather than climb a ladder as the moving costs and the ability to move just isnt there any more.

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