Even in the depths of winter, people are still on the move. Not quite as much as at other times of the year, but we have been pleasantly surprised by the interest we are receiving for many of our available properties.
As always, for those where the number of enquiries are not where they should be, a tweak to the advertised rental price will soon generate some activity.
Where we have noticed a slight change in renter behaviour is how often an approved applicant will change their mind, once they have appeared to make a decision.
Whilst it can be frustrating to give someone the go ahead, only to have them withdraw their interest, we have found the best way to limit this occurring is to get the timing right.
The chances of someone changing their mind increases the longer it takes to approve their application. The sooner we can get them to commit to a property, the less likely they are to continue to “keep their options open”.
Other changes in renter behaviour is that tenants are starting to look for properties while still in a current lease with several months to run. No doubt the cost of living pressures are driving a desire to stay close to the current market conditions and if necessary look to make a move early. This kind of renter behaviour should be considered in the context of the proposed changes to notice periods that Landlords to give their Tenants.
If you are interested you can read more about these proposed changes here:
https://rightside.io/fairness-in-question-notice-period-reforms-for-landlords/
