As summer settles down and we move into autumn, the rental market begins to shift, this presents unique opportunities and challenges for both landlords and tenants. At Bourne Estate Agents, we’ve noticed several trends in the Surrey and Hampshire rental market which are important to keep in mind if you’re considering renting out your property or looking for a new home. Here’s a helpful guide for both landlords and tenants.
Increased Demand from Tenants
September & October often see a spike in tenant demand, particularly from those who postponed their move during the busy summer months. Students returning to university, families settling after the school holidays, and professionals relocating for work all contribute to this increase in interest. For landlords, this presents a prime opportunity to find new tenants quickly and efficiently.
Tip for Landlords:
Now is the time to ensure your property is market-ready. Make any necessary repairs and consider small updates, such as fresh paint or modern furnishings, to make your rental stand out. A well-presented property will attract more tenants and potentially command a higher rent.
Competitive Rental Prices
The rise in demand during the autumn months often leads to a more competitive rental market. Properties in popular areas like Guildford, Farnham, and Woking tend to move quickly, which can benefit landlords who price their properties correctly.
Tip for Landlords:
It’s essential to set a fair, competitive rent. A rental property that’s priced too high may sit on the market for longer than you’d like, while one that’s priced right will attract quality tenants. At Bourne, we offer a Portfolio Review Service to help you assess your property’s value and determine the ideal rent to maximise your investment.
Preparing for a Quick Turnaround
For tenants, the competitive market means it’s essential to act quickly. Properties that are well-maintained and in desirable locations often receive multiple applications within days of being listed. This is particularly true in high-demand areas, in the locations that we offer a service in throughout Surrey and Hampshire, where rental properties are snapped up fast.
Tip for Tenants:
Have your paperwork ready! Whether it’s proof of income, references, or your deposit, being prepared will give you a better chance of securing the property you want. It’s also a good idea to work with an independent agent like Bourne, who can guide you through the process and help you find the right home.
The Importance of Energy Efficiency
With cooler weather approaching, tenants are placing more importance on energy-efficient homes. Properties with good insulation, modern heating systems, and energy-efficient appliances are highly sought after. Landlords who invest in improving the energy performance of their properties may see higher tenant satisfaction and potentially lower turnover.
Tip for Landlords:
Consider upgrading your property’s energy efficiency before winter sets in. Small changes, such as adding insulation or upgrading windows, can make a big difference to tenants and help reduce vacancies. Furthermore, the Energy Performance Certificate (EPC) regulations are tightening, so ensuring your property is compliant will save future headaches.
Flexibility Is Key
In the post-pandemic world, flexibility is becoming increasingly important to tenants. Whether it’s offering short-term lets, allowing pets, or being open to furnishing requests, landlords who can adapt to tenants’ needs are more likely to avoid lengthy voids and have a range of good quality tenants to choose from.
Tip for Landlords:
Consider what perks or flexible terms you can offer to make your property more appealing. Allowing pets, offering flexible move-in dates, or including utilities in the rent can differentiate your property from others on the market.
The Rise of Remote Working
With remote working becoming a permanent feature for many, tenants are now prioritising properties with space for a home office or easy access to nature. Areas in Villages and towns are becoming increasingly attractive for their combination of rural charm and connectivity to larger cities. These areas often offer larger properties with gardens and more space—ideal for tenants looking to set up a home office.
Tip for Landlords:
If your rental property has an extra room or space, market it as a potential home office. Highlighting this feature can attract remote workers looking for more than just a place to sleep.
Conclusion: Time to Capitalise on the Autumn Market
For both landlords and tenants, autumn is a crucial time in the rental market. With demand on the rise and rental properties moving quickly, landlords can take advantage of having a choice of potential tenants by ensuring their properties are in tip top shape. Tenants, on the other hand, should be prepared to move swiftly and take advantage of properties as soon as they hit the market.
At Bourne Estate Agents, we’re here to help both landlords and tenants navigate this dynamic time of year. Whether you’re looking to rent out your property, purchase a Buy to Let property or find your next home, our expert team across 11 locations in Surrey and Hampshire are ready to assist. We offer a wide range of services to cater for every Landlords position, whether you wish for us to get involved with the rent collection or manage the entire tenancy for you, we have you covered. Get in touch with us today for advice, a FREE valuation or portfolio review, or to discuss how we can manage your property effectively.
Is your property ready for autumn? Let Bourne Estate Agents help you make the most of the market!
We also offer a full comprehensive sales service for clients looking to potentially sell their investments or private properties. Please reach out if you require an up-to-date value on your investments or interested to know how much your own house might be worth in today’s market.