We all know that demand is growing for rented property but as demand is growing so is supply. The question Amanda Whaley from Private Landlord Directory asks is ‘would you lower you rent price to save a void period?’
The property search portals have a search criteria which states the price band/letting price of the property. If you were to advertise on these portals would you drop your rent price by £5 to go into a different search bracket?
Amanda Whaley says ” I have a property that I rent out at £500 a month. If there were a number of properties in the area that were for rent about the same price then YES I would drop the rent by £5 to avoid a void period, especially if I had had a void period on that property before. It makes more sense to me to lose £5 a month rather than £500.”
Amanda goes on to say ” Now more so than ever before is the time be competitive with your rental property. The demand is high but so is the supply of properties to let. As a private landlord I am drawn to the fact that I see many more to let boards around than I ever did before. A couple of years ago it was actually quite hard to find a property to rent as most were snapped up with landlords and letting agents having waiting lists. Today the renting climate/market has changed. With tenants now having a choice of properties that can let.”
So.. would you reduce your rent to avoid a void period and get into a different search bracket on the property search websites? Only you can answer that one. Another question to ask yourself is ‘Are you loosing out on good tenants as they can’t pay higher deposits and rent in advance?’