Addressing the costs of renting Addressing the costs of renting

Addressing the costs of renting

It’s no secret that the cost of renting has increased significantly in recent years, and much of this has to do with supply and demand and the increasing costs of borrowing for landlords.

No. 4926 from our magazine|2 min read| Published in Lettings on 10 July 2024 by our Marketing Team

The market is steadily improving but there’s a lot that landlords and tenants can do to keep costs down.
Tenant tips that may help to manage costs

Use smart meters

If the energy bills are in your name, you are entitled to choose which energy supplier you use. You may also choose to have energy metres installed. This could track and help you to reduce energy consumption. Limiting energy waste, even if bills aren’t included, will keep you on good terms with your landlord. Using energy-efficient appliances will also help.

Choose an energy-efficient property

Sometimes it’s hard to find a property that meets all your needs. As well as having the right number of rooms in the right location, you should also place importance on the EPC rating of the property you are looking to rent. The higher the rating, the more energy-efficient it will be. This will more than likely be a sure sign that the property is in good condition.

Set a budget  

A property where you feel happy is a home you can enjoy. This could mean more entertaining at home instead of feeling like you have to go out. Planning your monthly expenditure and cooking at home in a decent kitchen might create room for more savings. Having food shopping, energy usage, and entertainment budgets can inspire creative and fun ways of living.

Find the right property

Registering with a good agent so that they can send you details of properties that are about to become available always helps in your search. You can discuss your requirements and then peruse potential matches that appear in your inbox. If you choose a fully managed property, you could benefit from year-round, 24/7 maintenance and support.

Landlord tips that may help to reduce costs

Regularly review mortgage costs

As a landlord, you want to keep the cost of any buy-to-let mortgages to a minimum. Getting the right advice from a good mortgage advisor could help with this. Some landlords have reduced the size of their portfolios to reduce borrowings. Others have chosen to expand with the expectation of lowering interest rates, buying up properties that are being sold by retiring landlords.

Check tenant credentials thoroughly  

Whether you are expanding, contracting, or beginning your buy-to-let portfolio, screening tenants is vital. You do not want to place tenants in your property who may not be able to pay the rent. There are insurance policies that can help with this situation. Getting reliable and referenced tenants can reduce this risk and the potential costs spiralling.

Improve your property and keep on top of maintenance  

Making your property more energy-efficient could mean higher rents. If your property is in good condition and highly presentable, it will be more desirable. You also want to keep on top of maintenance issues before they become expensive problems. Good properties usually attract good tenants so taking this approach will help the process go more smoothly.

Choose a managed letting service  

You may view a part-managed or fully managed letting service as another expense, but it could save you money. Managing a property can be time consuming. From maintenance and inspection to referencing tenants, there is a lot to do. Having an expert team take care of things gives you more time and the peace of mind that everything will be carried out in a compliant and efficient manner.

Final thoughts  

The media portrays a negative and fraught relationship between tenants and landlords. The reality is that tenants and landlords face similar challenges that stem from the same issues in common. Often, a good letting agent can bridge the gap by helping to set better standards for both parties.

Renting or letting? Get in touch with our friendly and helpful team

This article was originally published by BriefYourMarket and is reproduced here with their permission.

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