The past few months have seen an increasing trend amongst landlords in Brighton and who they are targeting. With a recent study from The Mortgage Trust showing that more 26 per cent of local landlords are now sourcing corporate tenants, a rise from 14.4 per cent earlier in the same year.
This rise is likely to be having an upward influence on rising rents for locals, which of course is great news if you are a landlord, but not so positive if you are part of ‘generation rent’. Over time this is also likely to cause a reduced level of housing stock in the city, which could gradually become dominated by corporate lets.
So why corporate tenants? Well, often employed in very high-level positions and being amongst the high-level earners, corporate tenants offer landlords the security of regular payments from a reliable source. This along with the backing of the company renting their property long term, means that there is a reduced risk of failed rental payments and disputes, that are often associated with renting through a traditional letting agent or to a tenant.
A quick internet search not only confirms these positives, but it also shows that new figures indicate buy to let landlords are increasingly looking to attract a corporate tenant, seemingly making it a growing trend.
In fact, it is now becoming so popular that landlords are turning to corporate letting companies to source what they are referring to as ‘The Holy Grail’ of tenants.
Letting companies such as Liquid Properties can offer a dedicated corporate service department, meaning that they can confidently provide the necessary calibre of service required for renting to this type of tenant. The need to deal with large, blue-chip companies and tenants who have often having never have visited the area they are moving to, means that this additional level of service is essential.
A liquid properties spokesperson said: "Many of our clients will have relocated to the UK for work and are wealthy, international homeowners themselves. Quite often they will want a place they can call home from 1 week to 1 month, rather than be limited for choice and stay in one of the up-market hotels.”
By choosing to rent to a corporate letting company, the business in question is less likely to default on the rent in comparison to ‘generation rent’. The best part is though, that even if the business did default, the contract becomes null and void after 14 days! Meaning there is no lengthy or costly eviction process due to the company not having a tenancy agreement, thus guaranteeing more security for landlords.
So, what’s the next step to take advantage of this innovative and fresh approach to corporate lettings?
Contact Liquid Properties for a free market appraisal guaranteed same day offer and rents starting immediately on 01273 634 868 or email firstname.lastname@example.org