As Spring has sprung, there seems to have been a noticeable shift in tenant mindset. At Lauristons, we have seen higher budgets in recent weeks in comparison to those witnessed at the outset of 2017. However, tenants are more discerning in what they are prepared to spend those higher budgets on and are viewing on average 11-15 properties before reaching a decision. This means that the need for quality property remains strong, from brand new builds to renovated flats and houses. Tenants are simulating buyer behaviours, so it is imperative that attention is paid to the upkeep of a property and that cyclical maintenance and redecoration is not ignored or postponed.
Living in the digital age, with information being available at a user’s fingertips, properties would need to flaunt what they have to peak attention. So along with the quality aspect, pricing is still a crucial element, as with anything, a lot of tenants search online before taking the plunge to put an offer on a property that ticks all the right boxes.
There is still a lot of movement in the mid-market properties with activity running constant. This year, owners of these properties have benefitted from slight increases in rents, while securing good calibre tenants with little to no void periods. The second quarter of the year will most likely continue this trend mutually benefitting both tenants and landlords alike.