If you’re considering renting in London, it can be challenging to decide where the best place is to suit your lifestyle. Do you want to be close to public transport? Do you want a share-house accommodation to meet new friends? Do you have a family? Or do you need something that suits your pets? To help you decide, here are the best places to rent in London, based on your lifestyle, family situation, hobbies, and budget. If you are on a budget: The average rent in London is currently £2,892 per month. Affordable rent is anything below £1,200 to £1,500 per month. The following boroughs have quality places to rent in the affordable range: Sutton – with average rental prices of £1,405 Croydon – with average rental prices of £1,375 Barking – with average rental prices of £1,305 If you are a young professional: Young professionals have a variety of […]
landlords
How to Attract Good Tenants for Your Property
Finding the right tenants is key to making sure your property is looked after. But there is a balance between making sure you’re not missing rental payments because your property is empty and dealing with troublemakers. Here are our tips to making sure you attract the right tenants for your property, so you can receive a stable rental income. Tip 1: Figure Out Who You Want to Rent to You need to first think about who your ideal tenant is so you can appeal to them. For example, there is always a high demand for rental properties that allow students and has communal shared spaces. This not only reduces the rental amount for students, but it also serves as a social outlet. Tip 2: Get your property “rent-ready” Before you list your property, make sure it is ready for potential renters. This means making sure it is safe, well-maintained, and […]
7 Tips on How Landlords Can Survive the Pandemic
If you’re a landlord, the pandemic has likely impacted you in some way. Maybe that’s with extra commercial cleaning to HMO common areas, undertaking socially distanced property viewings and dealing with the eviction notice periods. What’s more, according to a recent survey undertaken by National Residential Landlords Association (NRLA), you may have some tenants that have built up rent arrears. Around 840,000 private tenants are in rent arrears, which began during lockdown. This impacts young tenants and self-employed people, with one in five tenants having debts of more than £1,000. The worst hit was in London, where 9% of private renters are in arrears. Established landlords or HMO property owners with a strong portfolio may be able to absorb the rent arrears. But what about landlords that rely on the rent as the sole income source? Below we’ve listed 7 tips to help these landlords survive the pandemic. Tip 1: […]
Pros and Cons for HMO Investment
You may have seen HMO investments increasing in popularity, even with recent legislation changes and COVID restrictions reducing rental demand in some areas. Before you decide if it is best to invest in an HMO instead of a standard buy-to-let property, we want to bring you the pros and cons of HMO investments, so that you can decide. Firstly, what is an HMO? An HMO is a ‘multi-let’ rental property with three or more tenants, not from one household/family, that share amenities. This can include: A house which is split into bedsits or units A house, or flat share, where each of your tenants has their own tenancy agreement Students who live in shared accommodation The pros: One of the most significant advantages of investing in an HMO is that it will generate a rental income increase of three to five times a standard buy-to-let home. The property will help provide more people with affordable accommodation. Cash flow […]
Brexit: what is the impact on the property market?
Now that Brexit’s uncertainty is behind us, we have collated our research to summarise the impact of Brexit on the property market. What we’ve found are positive signs for property investors. Post-Brexit Factors that Impact Property Investors Low-Interest Rates Remain Competitive The Bank of England has reduced the base interest rate to the lowest it has ever been in UK history. The 0.1% rate was chosen to help stimulate the economy after the impacts of the COVID-19 pandemic. This low rate will benefit property investors, first-time homebuyers and people who want to remortgage their home as we depart the EU. First-Time Homebuyers The record-low interest rate is attracting first-time buyers to get started in the property market. They have the benefit of being exempt from paying stamp duty (for property under £300,000). With more homebuyers coming onto the market, this stimulates the property market and gives confidence to sellers and […]
Technology Changes Impacting Property Management
COVID has brought about unprecedented challenges. However, some changes have had far-reaching benefits to property managers, landlords and prospective tenants. Here we share some technology changes that we have implemented in property management. Zoom Meetings With physical restrictions and lockdowns, most people have gotten used to using Zoom calls to connect with colleagues, family, and friends. Zoom calls allow you to stay in touch, see people and be connected. It is a great tool for work/life balance, which is why we find it beneficial for rental inspections. We do this one-on-one with the prospective tenant, so they can ask questions and see areas they are particularly interested in. The prospective tenant jumps onto the call, and we show them around the property – walking them into each room, opening cupboards and looking under furniture. Not only does this ensure social distancing, but it also means the prospective tenant can see […]
Pros and Cons for the Rent2Rent Strategy
There has been media speculation recently about whether Rent2Rent is a feasible investment option. We’ve collated information to bring you the pro’s and con’s of Rent2Rent so you can decide. What is Rent2Rent? Rent-2-Rent is when a property is let on a single let basis to one person (say the head-tenant) who has been given the right to sub-let some or all of the rooms, by the landlord. Rent2rent companies or head tenant will probably live somewhere else and will have the responsibility to sub-let the rooms to separate tenants, usually four or less. They will be responsible for paying the property’s single let rent and the bills. They will make profit by pocketing the difference. The Rent2rent or head-tenant provides the landlord with a guaranteed rent, meaning that even if the property is vacant, they will be responsible to pay the agreed letting amount to the landlord. Why would […]
How To Help Our Frontline Workers
In addition, the NHS is running a recruiting campaign to encourage more overseas nurses to come to the UK to help during this COVID pandemic. This means there are thousands of key workers that may need somewhere to rent. At Reka Property Management, we offer discounts to key workers. This includes reduced rent, discounted property management fees, and savings on HMO related projects. It is our way of saying thank you and offering support to our key workers. As landlords, you are in a unique position to help and support our frontline workers, while ensuring you receive rent. The property market is quiet in some HMO areas due to COVID restrictions, lifestyle changes and loss of work. This has resulted in an increase in vacant HMO rooms. If you are struggling to fill your rooms during the pandemic, then we recommend the following: 1. Offer Discounted Rent One way to […]
The Real Value of Property Management for Landlords
Whether you have one property or eight, knowing the real value of property management is essential to help you be effective, organised, and profitable. Here we outline the real value of property management. What is Property Management? Property management is the operation, control, and maintenance of investment properties. In other words, it’s about taking care of your property, so you maximise your rental return and profit. Property management includes the following activities: Ensuring the rent is at market price Screening tenants to ensure they’re suitable and can legally rent in the UK Collecting rent from tenants Keeping tenant vacancy rates low Consistent communication with tenants Providing maintenance and repairs in a reasonable time and with minimal disruption to your tenants Managing the budget Preparing the Tenancy Agreement and lodging the deposit in a government-approved deposit protection scheme Ensuring your property is safe Ensuring the property is not overcrowded Ensuring you have […]
How to Reduce the Pressure of Lockdown
Covid-19 is disrupting everything. Work. Home. School. Social. Health. For many of us, this means chartering unknown waters as we continue to work from home and help our children with home-schooling. In fact, working from home during lockdown has magnified the stress, frustration, and anxiety women experience. With schools closed, no restaurants and some professional cleaners no longer working, women take over more of the chores at home. This includes home-schooling, cooking, cleaning, and providing after school care. What’s more, with no hairdressers or personal beauty salons for waxing and nails, women are feeling tired, stressed and have an extremely limited “me-time.” The result? Some women feel like they are losing control and impacting their sense of self, business and self-confidence. If this is you, then there is hope. Even though lockdown measures are likely to be in place for a while, you can use the time to reinvent, re-energise […]
