Economic uncertainty and the increase to the cost of living have meant that in the last 12 months, the number of tenancy renewals achieved stand at 70%. This is a substantial increase on the previous year where 56% of all tenancies resigned, and we suspect that we will see this continue in 2023.
Our Property Management team are committed to providing a good service and building long-relationships with both landlords and tenants. Our thorough process of tracking the received rents is done to ensure that we are achieving the best yield for a landlords rental property. We contact tenants roughly 3 months ahead of a tenancy end date, and commence conversations around their intentions regarding the renewal of their tenancy.
When a landlord agrees to extend a current tenants tenancy, they are ensuring that the property remains tenanted and removes any additional costs associated with having a vacant property. However, if a tenant chooses not to renew their tenancy, we put the landlord in a great position and re-marketed the property to secure new tenants through our number one performing Lettings office which is located in the Manchester City Centre.
How we go about finding new tenants:
- If a tenant confirms that they intend to vacate at the end of their fixed term or in the event that a tenant is unresponsive with regards to their intentions, we will arrange for the relevant notice to be served to end the tenancy at the end of the fixed term.
- The property will then be promptly remarketed by our lettings team to ensure that any void periods are kept to a minimum.
- At the point of our Lettings Team preparing to market the property, they will conduct a rent review and ensure that the property is advertised at the best market rate.
For any questions you may have regarding tenancy renewals, please call Lois Wick on 0161 448 1111 or email:
loiswick@philipjames.co.uk.
If you have any other properties managed elsewhere and don’t receive this level of service then you should get in touch with Philip James Partnership.
To read more about our Managed Services, please visit:
Property Management
