If you are a landlord with many years of experience, or looking into becoming a landlord, this is a must-read blog post for you. You will have heard about the energy crisis in the media. However, you may be wondering how it will affect you, the rental market and your rented properties in Peterborough.
That’s what we talk about in this blog post. But remember, if you have any questions or concerns, call our team. We can talk through the energy crisis with you and how it could affect you. Our team are always here to help and support you as a landlord in Peterborough.
As you will have seen in the media, there has been a massive increase of the energy price cap. Some households have seen their annual bills rise between £1,500 and £2,000 a year. The price cap rose by 54% and this has, understandably, seen struggles for everyone.
There are new EPC laws that have been bought in by the government. The target for the government states that by the end of 2023, all rented properties must have an EPC rating of Band C or above. It is reported that just over half of all properties are in Band C or above. 49% are below this band. What is the EPC rating of your rented property?
It is believed that rental units are less efficient than properties that are occupied by the owners. In turn, this means that rental units are thought to be more expensive to run. If you are a landlord that includes bills in the rental price, you will need to review this. It’s important that you ensure your rented property in Peterborough is still financially viable for you and your tenant, but it also is still profitable for you as the landlord.
Research shows that 46% of tenants in Peterborough are ages between 18 and 29 years old. This means that a large amount of rental demand could disappear if these tenants choose to stay at home to avoid the rising energy costs. In turn, this could mean that Peterborough landlords have empty properties that cost more to keep running.
That said, with the university coming to the city, as popularity for this grows, as will popularity for rented properties in the local area.
Are you a landlord in Peterborough looking to better understand the rental market, give us a call? We are experienced and knowledgeable of the local rental market and often help and support landlords just like you.
