The team here at City Rental Services are looking ahead to 2016 – and one of the hot topics we always come back to every year in our Gloucester Road offices is that of the importance of honest valuations for rented properties in Bristol.
In recent years property landlords have benefitted from a colossal increase in the demand for rented accommodation in Bristol.
It seems everywhere the cost of renting has shot up. No more so than in BS7, where diverse bars, cafés, and shops provide the trendy city-life so many private rented tenants now seek.
The current market leaves plenty of opportunity for property investment landlords in Bristol to pursue strong rents.
Yet, landlords take care – empty rented properties can cost you dearly through Council Tax, utility bills, insurance increases if the void period is long-term, plus the danger of intruders – large and small.
Whilst sky-high rents are appealing to many investment landlords in Bristol, overshooting the property market can cause problems.
If a rented property advert is online for too long it becomes stale. It will be missed by those using search criteria ‘show only properties added to site within the last ‘x’ days’ for example.
When advertising properties for rent in Bristol, the first week is important. If there is little interest in this period it is unlikely to gain greater interest in the following week. Timing is everything.
In addition, high rents can out-price potential tenants: the higher the rent, the smaller pool of interested parties that will be available.
It is often the case that when that pool becomes too small, those potential tenants that are left may be desperate or unsuitable.
In the long-term, the wrong tenant on more money costs the landlord more than the right tenant on less money – and for these reasons, we feel honest valuations on rented properties in Bristol have never been so important. 2016 will highlight this further.
At City Rental Services, Michaela and Andy have good experience in providing such valuations. Their valuations ensure Bristol property landlords achieve strong returns, quick lets, and the provision of good quality, reliable and well-checked tenants in all properties.
If you’re looking for advice on how to value rented properties in Bristol, please call into 58 Gloucester Road to see us – as an independent letting agency in Bristol, we’re here to help.