Letting market competition 'to increase'

News Category: Marketing

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Letting agents and landlords have to up their game to let out properties to tenants in the current economic climate, it has been suggested.

Tenants are taking advantage of the current oversupply of rental accommodation in the housing market by demanding higher-quality homes for their money, reports the Times.

Rental yields are falling for the first time in five and a half years as competition for residential lettings increases, reported a Rics survey published last month.

Lucy Morton, president-elect of Arla, told the newspaper that the market is being flooded with housing stock that is not in a "lettable condition" based on current trends.

"These properties will continue to be empty until they have been refurbished to the high standards expected by tenants," she said.

Some letting agents are throwing in extra incentives to try and seal tenancy deals and more firms could try the same tactic in 2009, the news provider suggested.

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