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TODAY'S OTHER NEWS

Key predictions for the PRS: leading expert’s must-watch market analysis

With the number of new tenancies currently being agreed at an historic low, there is evidence to suggest that there will be a softening in rents in the short-term, according to Simon Shinerock, chairman of Choices Estate Agency. 

With more than 30 years of experience in the property sector, Shinerock has provided a forward-looking view of the PRS, including actual rents being achieved, by agreeing to take part in a new five-part video series this week, hosted by Property Tribes. 

Looking specifically at ‘prospects for private sector rents’ today, Shinerock, who last year released the Advanced Rent Option, which allows landlords to receive a year's rent in advance, said that he believes “there will be a lot more softness on rents for a while” as many existing tenants look to “stayput”, rather than move home in this uncertain time.

The head of Choices also expects to see a significant increase in the number of landlords and homeowners switching from short-term lets to longer rentals as tourism tanks due primarily to the Covid-19 outbreak.

“I think there will be some tremendous difficulties in some of the Airbnb type rentals,” he added, with some of that housing supply “coming onto the long-term market”.  

You can see Shinerock's wider views on ‘prospects for private sector rents’ in the video below.

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    Have to say the opposite for me. Rents have gone up. I could let the whole of my portfolio and get increased rents today

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    Do it then.......It is your right to make as much money as possible. Evict current tenants if needs be, or put the annual rate up.
    True free economy and laisse faire market rules.

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    I get what you saying but loyalty goes a long way with me. Some of my tenants have been with me 15 yrs. Maybe £25-50 off market rent as I had to increase for everyone when Sect 24 came out. Got to remember David that these are homes for our tenants so I make decisions as morally as I can in this climate.
    Also tenants I find are getting wise to the left wing agitators Shelter/GR/Acorn that threatens these them from having affordable convenient properties to live in

     
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    A good tenant is worth keeping even if they are paying a little under market rent.

     
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    Andrew
    The key word is little!

     
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    Jahan,

    It is a business.
    There is no morality. Business is business. Full stop.

    I hope your morality does not burn you. I really do.

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    David, I agree business is business, and having been self employed since 1977 I have learn't a lot along the way, and what I have learn't has been to harden up, but there still good people out there that you can put trust in and there are those that deserve everything that is coming to them, treat me right and I will be your friend, cross me, take advantage of my good nature and I will hound you all the way to hell on earth, yes I do bear a grudge.

     
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    David, people like you worry me and give landlords in general a bad name for the perception that they are purely in it for the money.

    Yes, any business has to make a reasonable amount of money or it would not be viable. No, business is not an amoral undertaking. Those businesses that take care of their clients instead of screwing them for every penny they can get are the ones that win in the end through the loyalty of those they have acted fairly and equitably towards.

    If you are only interested in money, then invest in stocks and shares including housing providers if you will, and you will probably make as much money for far less hassle if you have a good nose for this business and a good fund manager.

     
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    Oh but David my morality has probably burned me. Tenants are people and people can let people down. Thing is steady tenants, keeping voids to a minimum doing whats required of me as landlord builds reputation and loyalty. Like Andrew I set the standard expected and if you alright with me Ill be right with you. If you start off a relationship with no trust either side (cos tenants are very weary of landlords as you know) it quickly breaks down. You right though the bottom line is why we are in it

     
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    Andrew said it perfectly........

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    I have always asked for a good tenant rather than a good rent. Have a rent dodger and the loss is huge and far more than the small amount below 'market' price I may miss out on during the agreement. get a bad tenant and the loss can be incalculable. With the eviction ban this will only make matters worse with some very extended periods of no rental income on the cards. Jahan Khan has the right idea and don't be derisory to him as he has a better business model than some others making comment here, unless of course you know better.

    Once had a landlord who wanted far too much rent and it took him 6 months to get it occupied. If he had taken the lower offers he had rejected he would have been so much better off, but sadly he was greedy and of course knew so much more about the business that me or several others who had the same problem with this idiot.

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    Rents will be rising to pay for yet more legislation and Covid costs through rent losses.
    That's why you need to make profits to pay for the downside losses.

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    And more and more piling of increased rents for defaulters will be necessary......

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    Jahan, it is business.......And just a buisness.
    The is no morality in business, especially if it it is yours!!!!!!
    Your tenants are your income, And rent payment is your RIGHT!
    Don't be such a puss*


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    Haha amusing. Thats the thing with BTL landlords. Each one of them runs their business slightly different to each other. Its up to them isnt it. Some will make money some wont and complain about their lot.
    Maybe I would be as rich as your good self David if I had no morality in business. After this life I've got to answer to God. It works for me I sleep at night.

     
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