Dec
Changing Times
The rental market across the country is vastly different than it was 5 years ago. Nowhere is this more apparent than in Greater Manchester. Post-covid, there has been a significant imbalance between available rental stock and demand leading to a spike in prices. The reasons for this are varied, but it has understandably increased renters’ expectations of the service they receive. This, we argue, should be embraced by landlords.
It is no secret that Manchester is rapidly becoming the place to be. Eyewatering prices in the South and decentralisation away from London has moved people to the North of England. People’s desire to find a happy medium between a big city and a tight-knit community post-covid is bringing more people to Manchester, lured by fashionable neighbourhoods such as Ancoats, Didsbury, and the Northern Quarter.
Changing Behaviours
With an increase in people working from home, renters are now expecting a more comfortable environment to live and work in. This is something that landlords should be eager to provide to justify higher rents. In addition, it is now common to find that people who technically work in London have moved to Manchester to reap the benefits of a Southern wage combined with the benefits of Northern property prices. This is arguably bringing a different type of renter to Manchester. One with higher expectations as a result of being used to paying significantly more in the capital.
If landlords wish to continue to justify their higher rents, then they need to understand that there is a higher level of service that must come with this. Gone are the days of cheap rents and easy-going tenants. An increase in London style expectations, demographic shifts, a competitive rental market, and changing working patterns have all sought to make tenants a lot more discerning of the quality and speed that issues are resolved.
With the changes that are happening, this presents an opportunity for landlords to go above and beyond.
When it comes to helping landlords achieve this Philip James has always been ahead of the curve. Our Property Management team aims for no more than a ten-day turnaround on any maintenance issues that might arise. This puts us way ahead of the legally mandated two weeks. In addition, we are able to both please tenants and protect landlords from high maintenance costs by having a large network of contractors who we work. Giving us fast turnarounds and low rates.
Prevention is also a key factor.
We actively encourage our landlords to carry out any suggested works and improvements at inspection times, and during move-outs. This helps reduce the need for larger repairs later on. Increasing the level of service and standard of rental properties across the city will lead to greater satisfaction from renters, and also secure a higher return on investment for landlords. Something that we estate agents are obliged to do.
To find out how you can benefit from working with our industry leading property management team, please call with Neil Ryder on 0161 434 5009 or email: neil@philipjames.co.uk.
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