According to the National Landlords Association (NLA), many landlords are finding themselves going above and beyond their usual remit to secure new tenants.
In an effort to secure new tenants and avoid void periods landlords are offering attractive extra benefits, especially when it comes to enticing foreign workers and international students in a post-Brexit world.
Landlords are reporting a drop in demand for their properties, and many are pointing their fingers at the UK’s decision to leave the EU and the continuing uncertainty around EU nationals and foreign students.
Traditionally, foreign workers and international students have been associated with the highest rental yields, so it is understandable that a decline in their numbers would worry many landlords who fear a hit to their businesses.
Landlords, suddenly in a disadvantaged position, are going the extra mile to attract wealthier tenants, such as providing transport from the airport, managing or paying utilities on their tenants’ behalf or providing superfast broadband.
Richard Lambert, CEO of the NLA, said: “In a buyer’s market, suppliers have no choice but to find ways to make their offering more attractive.
“Whether it’s offering super-fibre optic broadband, delivering gift baskets at Christmas, or other religious holidays, or offering to manage all bills associated with the property as part of the tenancy agreement, landlords have plenty of options.
“Ultimately, landlords will be most successful when they have an open dialogue with their tenants and keep in regular contact to ensure they know what they need. A happy tenant is far more likely to ask for a longer tenancy, which is what every landlord hopes for.”