More The Letting Centre have seen demand for rental properties across the Isle of Wight increase by over 40 percent in the past six months, with available rental stock year on year dropping by 30 percent. We have already started to see, and it is predicted that should this trend continue, the asking rents of available properties increase forcing a lot of prospective tenants out of the letting market.
The reduced amount of available property and subsequent increase in advertised rents have also seen landlords increasing rents on tenants already residing in rental properties. Many landlords and agents overlook rent increases missing out on potential income, at More The Letting Centre we strive to monitor the letting market, and implement increases when conditions dictate.
Whilst we endeavour to achieve landlords the best possible price before recommending increases it is always worth remembering good tenants are worth looking after. If you have a good tenant that pays rent on time and takes good care of your property then it’s probably worth keeping your rents competitive. Should an increase result in your tenant moving elsewhere then when you consider void periods and costs involved in finding a new tenant then you may end up losing more money than you’d make.
Should you be thinking of an increase or a potential landlord on the Island wishing to discuss the letting market then please do not hesitate in contacting us, we are always happy to help.