TSigns that the rental market is still at an all time high in Leeds have been revealed by Manning Stainton.
The firm is celebrating the first anniversary of its leettings office in Morley and said lettings applications were being received at the rate of around 100 a week.
Managers also revealed that most rental properties were being snapped up by tenants within 72 hours of coming on the market.
The team at the Manning Stainton Lettings office in Morley is celebrating the first anniversary of their move to new premises by reporting record numbers.
The nine strong team of letting professionals led by Amardeep Lall currently has 40 properties on its books across Morley and South Leeds.
Tenant registrations are also at an all time high, with around 100 new applicants being added to their already extensive database, every week.
Amardeep said: “We have been expanding steadily for the last three years, but things have really taken off since moving to our new dedicated lettings office.
“The number of new landlords choosing Manning Stainton continues to increase and is a direct reflection of the quality and range of services we provide, including a fully managed solution, let only and rent collections.”
There is currently a real appetite in the rental market, with most properties represented by Manning Stainton let within 72 hours of instruction.
This is down to a good knowledge of the local area and a pro-active approach to marketing, says Amardeep.
“All our valuers have great experience of the local area and are able to give the best advice to ensure we get the best results for our clients.
“Then by calling, texting and emailing our extensive list of ready tenants we can often secure a let before the property hits the internet.”
The lettings office is located on Queen Street, next door to the firm’s residential sales office, which combines to give a strong brand presence in Morley town centre.
If you are a landlord with property to let or a tenant looking for your next home, contact Manning Stainton Lettings now on 0113 220 3465 or email email@example.com
There have been recent calls to introduce new regulations into the private rental sector, including the introduction of capped rent rises and longer term contracts in a bid to create a more stable market.
Daniel Klemm, external affairs manager for the National Housing Federation, tyhe umbrella body which represents housing associations across the country, said he backed those calls.
“Bringing in longer term contracts for the private rented sector - say up to three years - would really help people in terms of stability. Another idea is to cap the amount private landlords would be able to raise the rent.”
In many places, Leeds included, it is now cheaper to buy a mortgage than it is to rent - the problem is there is a lack of affordable housing for first time buyers.
In Leeds, the number of people waiting for a home is estimated to be around 28,000 but the number of new homes being built in Leeds stands at around 4,000 a year at present.
Recently, Leeds City Council unveiled ambitious plans to build 70,000 new homes in the city by 2028. The council will build around 400 new council homes, the remainder will be built by private developers - the largest scheme being planned at the moment is the East Leeds Extention, which would contain about 5,000 homes.