There are certain words and phrases which have been used more in the past six months than they have for the last sixty years, if not more. Terms like “unprecedented”, “furloughed” and “the new normal” are now part of everyday conversations.
It is unlikely many parts of life will return to what they were, which means there is a need to adapt to these changes. This is true in the rental market, and many landlords and tenants are facing up to what “the new normal” means with respect to the lettings sector.
Tenants are looking for greater flexibility
An online agency has polled users to determine what tenants want as we move forward, and it is vital landlords pay attention to this information. 53% of tenants said they would like to the option of requesting flexible rolling contacts with agreement terms of less than six months.
A large number of respondents said they are unwilling to commit to long-term tenancy agreements because they have no confidence about their long-term job security.
Aaron Short, founder at Accommodation.co.uk, commented: “The future of the lettings market is exciting and if anything, the Covid-19 pandemic has accelerated the modernisation of this sector. We have been at the forefront of updating this archaic industry and our data shows that the rental market needs to adapt to the 'new normal' ensuring tenants have variety, options and security more than ever.”
In a time of so much uncertainty, it is vital for landlords and tenants to communicate as best they can. By talking freely, there is a chance that a better relationship can be developed between landlord and tenant.
We work hard to bring tenants and landlords together
At Thomas Morris, this is something we are more than happy to facilitate. There is no need for tenants and landlords to have an adversarial relationship. Quite often, an outcome that is good news for a landlord is also positive news for a tenant. By communicating freely, something we can assist with, both parties can find common ground, and hopefully create a more beneficial relationship.
There is no denying the COVID-19 pandemic has affected finances of people and businesses across the country. Both tenants and landlords are struggling, and many more problems might arise. With the furlough scheme set to end in October, the UK officially in recession and Brexit looming, there are tough financial challenges for landlords and tenants to overcome.
“If you are a landlord, it is vital you stay in touch with what tenants are looking for”, said Thomas Morris Ramsey Branch Manager Joe Rattue. “We know the local rental market very well, and if you require any assistance, we are here to help, so please get in touch.”
If you are looking for help with any matter of the lettings market, it is best to speak to property professionals. You can book a sales or rental valuation appointment directly on line at a time and date of your choice by clicking here or alternatively or you can phone our Ramsey branch on 01487 814666.