Landlords are being urged to find reliable tenants who won’t fall into arrears rather than simply cashing in on the flourishing rental market and filling properties quickly.
Landlord Assist, a tenant eviction and rent recovery service, also believes landlords should be wary of setting rent prices too high.
Graham Kinnear, managing director at Landlord Assist, claims it will be difficult to predict how the rental markets will perform, particularly with an increase in people taking up mortgages through schemes such as the government’s Right to Buy initiative.
Mr Kinnear said: “Landlords should focus their efforts on finding the right tenants rather than risk void periods and the possibility of arrears by pricing themselves out of the reach of new tenants.
“We fully expect a growing number of tenants and first-time buyers to try and make the step on to the housing ladder. This could lead to a greater choice of properties to rent in parts of the country, and more competition between landlords for the best tenants.”
Mr Kinnear argued insists that people are more likely to agree longer tenancy agreements if prices are kept at a reasonable level.
Stephen Parry, commercial director at Landlord Assist, does not expect the rental market to suffer with an increase in mortgages being taken out due to a lack of good quality affordable housing.
He added: “Normally when the sales market picks up it has an impact on the rental market, however this year we don’t expect that to happen.
“This situation, although rare, goes some way to highlighting the severe lack of quality and affordable housing stock across the UK.”