Rental Property Market Update Summer 2024
Rental Property Market Update Summer 2024
While house prices are experiencing modest growth, the rental market continues to see significant rises driven by the imbalance of high demand and limited supply.
Short Lets
Short Lets are growing in demand and some landlords are opting to fulfil this need in the market. We offer both short- and long-term letting options.
What is a Short Let and why do tenants need them?
We define a Short Let as a tenancy that lasts between three and six months, the need for which is increasing among tenants who need short-term accommodation.
A short let differs from a standard tenancy, with the main difference being the type of contract signed between the landlord and tenant. Anything over six months will be signed using an AST contract – an Assured Shorthold Tenancy. Under six months, and we use a short let contract, to ensure all parties are protected by the right regulations.
We work with tenants relocating to Guildford and the surrounding villages; some of whom have employer support. We also help, what we call ‘circumstantial’ renters, defined as those between house purchases or renovating their current home, for example. For some renters, a short let provides a more attractive solution. Short lets are a great alternative to an AirBnb, hotel or an unnecessarily long lettings contract.
Nick Charnock
Managing Director
Howard Morley has been my letting agent for the past 23 years. I would highly recommend this company for their polite, efficient and caring approach. They have found very good tenants.
The Pros & Cons for Landlords Choosing Short Lets
Pros
Increased Income – as a rule of thumb, a short let will command up to 40% more in rent, compared with a long let
More Flexibility – as the market or seasons change, so can the anticipated yield, meaning returns can be maximised throughout the year. Some landlords also prefer the short-term commitment in case their own position changes
Cons
Higher costs – Short lets should be inclusive of all utilities, and all furnishings, including linen. There are other associated costs of changing the tenant more regularly, and an increased possibility of more wear and tear
Less Stability – there is more uncertainty with a short let and the potential for void periods is increased
Howard Morley has been my letting agent for the past 23 years. I would highly recommend this company for their polite, efficient and caring approach. They have found very good tenants.
Excellent team at Howard Morley. Always helpful and prompt to respond.
Great team at Howard Morley & Sons....very attentive and helpful with any tenant issues. Highly recommended.
Nick and the team at Howard Morley & Sons have been thoroughly professional, supportive and pro-active with my house move. I highly recommend them as being a reliable and efficient. 10/10 thank you for everything.
Nick at Howard Morley has been excellent and totally professional dealing with my rental on many levels. Very efficient. I can highly recommend!
Had an amazing experience with Howard Morley & Sons. Was able to have a viewing on a Saturday which is amazing when you can't get off work. They are very quick to respond to emails and always helpful on a call. Highly recommend.
I rented a house through Howard Morley & Sons. They have been great agents, easily contactable and sort any issues quickly and efficiently. They negotiated the end of tenancy deposit return professionally and competently. I have dealt with a number of estate agents in recent years, Howard Morley have been the best.
Great service and attention to detail, as a tenant in a property managed by them I should know! Highly recommended.
A very professional organisation. First class communication throughout full term of our tenancy.
I had a very good experience with Howard Morley, who were very attentive and reactive to my needs to find a family home to rent for 3 years in quite a small search area. Nothing was too much trouble and the house was presented perfectly when we moved in.
We’ve rented a couple of properties over the years through Howard Morley & Sons so I like to think we got to know the team quite well. They respond quickly to emails and are easy to contact via telephone. They seem to have a good relationship with landlords and tenants alike.
Howard Morley and Sons excelled in their promptness, knowledge of the market, mindset, kindness and good energy when renting my house out. The property management department really made me feel that they truly cared when dealing with my property.
As a long-term landlord with Howard Morley & Sons, I am continually impressed with the speed at which they deal with any property issues and arrange for tradesmen to fix any problems for our tenants. The team have great communication with us and our tenants too.
Howard Morley has been my letting agent for the past 23 years. I would highly recommend this company for their polite, efficient and caring approach. They have found very good tenants.
We have used H Morley & Sons for many years to let our furnished apartment in the centre of Guildford. Every year they have always found us new tenants quickly and it has always been a pleasure to work with any of the team members.
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