As we’re fast approaching the end of the summer, Northwood Sheffield reflects on the current private rental sector in the city:
According to the latest RICS Residential lettings survey, new figures today indicate that there has been a 5% increase in available rental properties across Sheffield. Northwood Sheffield believes that an increase in properties and landlords entering the market shows that confidence is returning in the sector, and the private rented market is continuing to expand in the city.
Sheffield’s popularity is also growing, another positive for the rental sector, being the hometown of Olympic Heptathlon Champion - Jessica Ennis and named as the greenest city in Europe, located on the fringe of the Peak District, containing 150 woodlands and 50 public parks. Sheffield is a modern, vibrant city with a strong industrial history, home to two universities, the world’s oldest football club and fantastic shopping facilities, making demand for rental properties in the area strong.
Whilst this is apparent, the rental market has become more competitive due to the increased stock on the market. Northwood believes that the rise in available properties is partly due to ‘accidental landlords’ whom are entering the market – those homeowners who are being forced to let out their homes because they cannot sell or are unhappy with their property valuation.
At Northwood, we are working with more and more ‘accidental landlords’ in the City. Many are leasing their property through necessity rather than a revenue stream or investment opportunity, so they want a service which will take the hassle away from being a landlord and guarantee rental payments each month.
Northwood believes it is important to realise that even though the rental market is improving year on year, we are still in the midst of harsh economic times, so it is essential that landlords seek the advice of a professional lettings agent such as Northwood, to minimize any potential risks such as void periods. Northwood offers a solution in its Guaranteed Rent service, a minimum 12 month contract that guarantees fixed monthly payments to the landlord, during which we manage every aspect of the tenant.
As stated by Branch Director Christopher Cooke ‘the service has been one of the cornerstones to our success because regardless of the state of the rental market and even your property is vacant Northwood’s service will guarantee that the landlord gets their rental income every month’.
As well as ‘accidental landlords’ the Guaranteed Rent service appeals to those landlords with multiple properties who can’t risk them sitting empty and those who wish to spread the risk and minimise their exposure. In a competitive market place, the Guaranteed Rent service is an attractive proposition to landlords.
For more information on Northwood’s Guaranteed Rental Income Scheme or other property management services, please call us today on 0114 233 2211 or visit www.northwooduk.com to book a free and without obligation marketing consultation of your property.