What’s happening in the Bristol property rental market?March 14, 2017 8:26 pm
Since November of 2016 we have seen the first significant changes in the rental market in Bristol for a number of years.
Over the last 4-5 years, the rental market has been buoyant with properties generally renting quickly and rents increasing. In some ways his has been a reflection on Bristol being an attractive city to live in because of its booming economy, transport links to London, wide offering of respected higher education institutions and because more people were realising that this is a pretty cool city to live in!
All of those things remain true, so why are we starting to see a slow-down in the rental market, and, for the first time in years, property rents starting to be reduced? Maybe the British Governments’ plan to scrap agency fees for tenants means that many are postponing decisions to look for a new home in the hope of saving some of the costs associated with moving. 2018 will see tenants’ fees scrapped and many people seem to be making the decision to stay on in their current rented accommodation, or to not move out of their parents’ home until these changes are implemented.
At Campions we are in regular contact with our landlords about any changes we know are likely to affect them. While very few landlords may want to hear that rents in some areas are dropping, if you are looking for new tenants, it is far better to have that conversation before the property is empty and ensure that you have rent continuity.
If you have any questions about the area your rented property is in, and how the local market is performing, then please don’t hesitate to get in touch with Scott here at Campions for a chat.