Property News: West Hampstead tenants’ extra expectations
I’m worried that I’ve started to sound like a broken record. Every two months I write about the rental market for West Hampstead Life, and every two months I say the same thing: demand for rental property in West Hampstead is sky high.
I promise you that this isn’t laziness on my part. Demand for rental properties in West Hampstead continues to grow, especially for one and two bed flats. These flats are regularly on the market for just a matter of days before contracts are signed and a move-in date is set.
Although demand has been continuously high for many years, not everything remains the same though. One thing we have noticed over the past year is that our applicants now have an excellent knowledge of the local rental market. They do their research, they understand how the market operates and aspirational levels are rising too. They’re familiar with the property specifications found in new build developments and they expect this standard of presentation from all rental properties. We regularly feed this information back to our landlords and encourage them to treat their rental property as a business, by injecting regular investment into the property by way of new carpet or a new kitchen if needed.
Demand might be strong but applicants won’t accept a property if it doesn’t match their expectations. In order to let property as quickly as possible so we can avoid void periods, we advise landlords to present the flat to the best of their ability. Presentation is key when attracting tenants, and that includes communal areas as well as the property itself. The entrance of a residential building is equally important, and landlords who own flats in a period conversion should consider joining forces with other owners to smarten up communal areas if necessary.
Feedback from tenants in 2015 highlights that proximity to an underground station is high on most of their wish lists. Properties further than 10 minutes from the tube are slower to let and applicants would rather compromise on square footage if the location is good. It’s always been about an applicant’s lifestyle choices, and proximity to excellent transport links is more important than ever.
As I mentioned earlier, applicants have a better knowledge of the local property market than ever. The internet is key for sharing information and it’s great to see more and more people aware of what is happening in the local market. Perhaps because of this applicants are very sensitive to price, and they are prepared to negotiate to reach an agreement that is acceptable to them. Landlords who are also prepared to negotiate a bit will find their property lets more quickly.
In order to provide the very best service to applicants, tenants and landlords we’ve needed to expand our business. I’m thrilled to welcome two new Lettings Negotiators to the Paramount team, and I look forward to sharing their experience of working in West Hampstead with you over the coming months.
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