Let your property before Christmas

Jeremy Jacob believes that with Christmas now on the horizon (lets face it: before we know it and it shall have arrived), the rental market in Kensington and Chelsea and surrounding parts are always a slightly delicate and interesting time of the year concerning market activity.

Any Landlords that currently have their property on the market from a period of two weeks or more, should be tightly monitoring and preparing to beat away the horrible void period over Christmas. Activity in the rental market can really lose steam from 15th December until the 5th January of the New Year (when activity bounces back). That’s a good three week chunk of lost income. Get the current property marketing wrong from now, and if not careful, you can risk steering your rental asset into this un-favoured territory.

So what to do?....”The Times” journalists: Mark Bridge and Francesca Steele wrote a piece today on the sales market and setting the right price. There are similarities in the sales market and rental market in the Kensington and Chelsea market at current. Properties at the lower end, i.e. 1 beds and 2 beds are selling and renting – the market is there and prices still hold strong. However, venture up into the mid-market and upper-market and things have certainly tapered off.

Mark Bridge and Francesca Steele report that: “You must make the correct value judgement to close the deal now”. Jeremy Jacob share these sentiments. Get the marketing price accurate. Tenants will be educated by what they have already viewed and will recognise if an asking price is a correct one to pay. More importantly, your rental asset is quickly and swiftly let.

The rental market in Manhattan has interestingly been going through a difficult period. It has been reported that renters in Manhattan would love to move from their current property for an up-grade, but are not prepared to increase their budget expectations and by instead settling to stay in their current property. This has contributed to a flattening market (prior from rent increases in the market place over the last year). There is an element of comparable/truth within the Kensington and Chelsea market.

So in conclusion, Jeremy Jacob advises to get that asking price level rent accurate and in by doing so, Tenants will be expected and will be accepting in honouring the asking price rent. Let your property with Jeremy Jacob: enjoy your Christmas.