The rental market is continuing to look strong for landlords as we head into summer, with Zoopla reporting a 7.8% increase in rental prices between March 2023 and March 2024.* Let’s explore how this increase benefits landlords and how a letting agent can help you increase rental prices correctly.

Benefits for landlords

Increased rental income

As inflation drives up expenses such as property taxes, maintenance, and insurance, landlords often adjust rental prices to maintain profitability and cover their investment costs. By making sure you don’t exceed inflation rates, you can remain competitive while still covering your expenses and improving your return on investment.

Financing property renovations

The additional rent income you earn from rental prices increasing can be allocated towards funding renovation projects aimed at enhancing the property’s overall value. These improvements could include upgrading appliances, improving energy efficiency, and modernising interior spaces, all of which can help you command higher rent prices and increase the property’s value to boost long-term profitability.

Mitigating financial risks

Increased rental prices also help you protect your finances and reduce the impact of unforeseen expenses, such as vacancy periods. Additionally, as you can allocate more funds to maintenance and repairs, you are less likely to encounter issues with your property in the future, further stabilising your income.

Why it’s important to set a realistic rental price

Tenant affordability

Although it may be tempting to significantly increase rent, it is important to keep any increases to a sensible level. Setting rental prices too high can outprice tenants and reduce the amount of interest in your property, potentially leading to costly vacancy periods. 

Tenant retention

Rental prices directly impact tenant satisfaction, so your current occupants are much more likely to stay in the rental property if they feel that they are receiving fair value for the rent they pay. If the rental price is too high, tenants could seek alternative housing options.

Market competition

An accurately priced rental property is a key component of remaining competitive in the market, as overpricing your property can deter potential tenants and lead to prolonged vacancy periods. Overall, setting a realistic rental price is essential to effectively navigate market competition, attract tenants, and optimise your property’s profitability.

How a letting agent can help you increase rent fairly

A letting agent can play a crucial role in helping you increase rent fairly by providing valuable market insights, professional guidance, and effective negotiation strategies. Using their expertise in the local rental market, letting agents can conduct in-depth analysis to guarantee that any proposed rent increase aligns with the current market conditions. 

Additionally, letting agents can advise you on the best timing and rate of rent adjustments to maximise rental income while remaining competitive and fair to tenants. By setting a realistic rental price that aligns with rental inflation, comparable rates in the area, and the property’s value, you can ensure that your property remains accessible and affordable for a broader range of tenants.

As we head into the summer months, the property market is continuing to bolster as an increase in market activity continues to benefit home movers. Let’s take a look at recent property market data and how the current market conditions benefit sellers and buyers alike.

Recent market data

According to Zoopla's house price index, there were 20% more properties for sale in March 2024 than the previous year.* There was also a 9% rise in sales agreed during this time period.*

This rise in market activity is partly due to an increase in the average working wage and an overall robust job market, both of which boost consumer confidence. In fact, confidence in personal finances has reached the highest level in more than two years, according to GFK's Consumer Confidence Barometer.** This made homeowners considerably more interested in buying a new home, therefore increasing market activity.

Benefits for buyers

More choice

An increase in market activity leads to a wider range of choices available for buyers to consider. This improved choice empowers buyers to explore various properties, compare features and prices, and ultimately make more informed decisions that align with their preferences and needs.

Price stability

The market remains well balanced as the demand for properties and the supply of homes for sale have equally increased. Because of this, prices are less likely to fluctuate, potentially making for a more stable investment. Increased market activity also helps to create a clearer picture of the true value of properties, further contributing to stable pricing.

More negotiating power

Due to increased confidence, buyers have the opportunity to be more assertive when negotiating a price for a property. Since the supply of properties is so high, buyers are less desperate to secure a particular property and can carefully consider their options.

More opportunity for investment

For those looking to invest in property, the increased supply increases their options massively. In a busy market, investors can buy a property, make renovations, and sell for a profit in a shorter timeframe.

Benefits for sellers

Increased demand

With more people in the market for a new home, sellers can command higher sale prices for their properties as buyers engage in bidding wars. By achieving a higher sale price, sellers can then look for a higher-value property than they previously considered possible.

Faster sales

The increased level of demand makes it easier for sellers to find potential buyers, which can lead to faster sales and less problematic property chains. Additionally, if a buyer is particularly interested in a property, they may be willing to pay a slightly higher price to secure a quick sale.

Flexible terms

Strong demand can give sellers the upper hand in negotiating certain terms. For example, if the seller needs to close the sale quickly, they can choose the buyer who is in the best position to complete the transaction as soon as possible.

Less pressure

In a balanced and active market, sellers may experience less pressure to accept lower offers or make compromises that they're uncomfortable with. They can feel confident that a more suitable buyer will soon show interest and make a better offer.

How an estate agent can help

Estate agents use their in-depth knowledge of the property market to assist buyers and sellers alike in taking advantage of summer 2024’s active market. They have access to a wide range of property listings and can help movers identify suitable properties that match their needs and preferences. They are also skilled negotiators who can secure favourable terms and prices while guiding movers through every step of the process.

Stability in the rental market
The rental market can often feel unpredictable, with changing regulations, fluctuating demand, and shifts in tenant preferences. However, landlords who build long-term relationships with reliable tenants are experiencing a significant advantage: stability. Long-term tenants offer the kind of consistency that turns a rental property into a steady, reliable investment.

Reliable, steady income
One of the key benefits of long-term tenants is the predictable, consistent rental income they provide. Unlike short-term rentals or frequent tenant turnover, long-term tenants reduce the risk of prolonged void periods. With reliable tenants in place, landlords can confidently forecast their cash flow, making it easier to plan for future investments or expenses.

Fewer costs, less stress
Having tenants who stay for the long haul significantly reduces the costs associated with frequent re-letting. With each new tenant, there are advertising costs, cleaning, repairs, and often the time spent on finding suitable replacements. Long-term tenants help you avoid these regular outlays. Plus, the less time spent managing turnover, the more you can focus on growing your property portfolio or other areas of investment.

Tenant loyalty means better care
Long-term tenants are more likely to treat your property with care and respect. They view it as their home rather than just a temporary living space, which often leads to fewer maintenance issues. Over time, they’ll become familiar with the property and its needs, which can result in better upkeep and fewer unexpected repair costs.

Building trust and mutual respect
Building a positive relationship with long-term tenants fosters trust and mutual respect. This relationship is not only beneficial to the tenant, but also to the landlord. It creates a stable, cooperative environment where tenants feel comfortable voicing concerns or requesting repairs in a timely manner, ultimately leading to a smoother experience for both parties.

A trusted partnership for the future
As the housing market continues to evolve, more landlords are seeing the value of long-term tenants as partners in the success of their investment. Not only do they provide stability and a consistent income stream, but they also help create a positive reputation for your property, encouraging further tenant retention and referrals.

Build a lasting partnership with your tenants today

Creating a personal connection to your space
Renting a property doesn’t mean you can’t make it feel like your own. Often, the challenge for tenants is transforming a temporary space into one that feels like a true home. The secret lies in small but meaningful changes that allow you to add your personal touch while still respecting the landlord’s property.

Making the most of your furnishings
Even if you can’t make permanent changes, you can still personalise your space with furniture and decor. Comfortable seating, soft lighting, and cushions in your favourite colours can create a welcoming atmosphere. Adding rugs and curtains not only helps to define the space but also softens the edges of the room. This simple move can instantly bring warmth and comfort to a rental property.

Personalise your walls (without damaging them)
While you might not be able to paint the walls, there are plenty of ways to add character without making permanent changes. Removable wallpaper, artwork, or framed photos can make a big impact. Use your wall space creatively - hang shelves, use hooks for plants, or display your collection of artwork. Just be sure to use damage-free products to avoid losing your deposit.

Lighting for atmosphere
Lighting plays a huge role in creating a homely feel. Soft, warm lighting can instantly make a room feel cozier and more inviting. Consider investing in a few table lamps or floor lamps with dimmable features. If your rental property lacks natural light, good lighting can help make the space feel brighter and more open.

Add comfort with textiles
Textiles are one of the easiest ways to bring comfort and style into any rental. Soft throws, blankets, and decorative cushions on your sofa or bed can transform a space. Choose fabrics that appeal to your senses - fleece, cotton, or linen. These tactile elements can help create a relaxing atmosphere where you can truly unwind.

Define spaces with personal touches
In open-plan rentals, it’s important to create a sense of separate zones. Use furniture, rugs, and lighting to define different spaces for living, dining, or working. Even something as simple as a decorative throw or a couple of plants can help create boundaries within an open space, giving each area its own purpose and feel.

Make your rental a sanctuary
Ultimately, the key to making a rental feel like home is to focus on the little details that bring you comfort. Whether it’s a favourite chair, an inviting reading nook, or an arrangement of personal items, these elements are what make the space truly yours.

Create a sanctuary where you can relax and feel at peace, no matter how temporary the stay.

Turn your rental into a home with thoughtful touches

It’s easy to think of selling as a whirlwind - decluttering, viewings, decisions, paperwork. But it doesn’t have to be a storm. In fact, the best sales come from calm, planned steps rather than last-minute flurries. The key is clarity, not chaos.

Break it into manageable stages
Start with perspective. Selling your home is a process, not a sprint. Breaking it into stages - preparation, marketing, negotiation, completion - helps everything feel more manageable. Each step has its own rhythm, and none should feel overwhelming when approached with the right support.

Presentation sets the tone
One of the first things to sort is presentation. It doesn’t mean a full overhaul - just thoughtful tweaks. Clean, well-lit rooms, uncluttered surfaces, and neutral tones help buyers see the space clearly. This gives you a sense of control from the beginning, setting a positive tone for everything that follows.

Clear communication is key
Communication is another cornerstone. Working with an agent who keeps you regularly updated without overloading you makes a world of difference. You shouldn’t have to chase for feedback or wonder what’s next. Knowing what’s happening, and when, takes much of the stress out of the process.

Prepare for the practicalities
It’s also worth preparing for the practicalities. Having paperwork ready - like ID, warranties, and planning permissions - means fewer surprises down the line. The less chasing there is later, the smoother your sale will be.

The right support makes a difference
Most of all, remember that you’re not doing this alone. The right support will help guide decisions, flag realistic expectations, and make sure the timing aligns with your needs. Selling your home isn’t about keeping everything perfect - it’s about being prepared and supported.

Selling made simple
With the right steps and a steady hand, selling doesn’t have to feel chaotic. It can feel like progress.

Let’s simplify your next move