The average rent for a whole property in Lambeth, Southwark and Wandsworth is now a whopping £1,980 per month, according to Property Portal Rightmove. This is up 11% from the same time last year. The average rent varies depending on the borough, with Lambeth being the most expensive, at £2,285 per month. Wandsworth is the second most expensive, at £2,187 per month, and Southwark is the least expensive, at £1,980 per month. Some inflation-busting figures in my table below - how does your property's rent compare to this time last year?
With rents as high as they are in South London, landlords have a great opportunity to maximise their profits. Here are some tips on how to do just that:
- Choose the right property. The location of your property is one of the most important factors in determining how much rent you can charge. Proximity to tube, having storage for bicycles and plenty of parking nearby are all desirable.
- Make sure your property is in good condition. Tenants are more likely to pay higher rent for a property that is clean, well-maintained and has all the amenities they need. If there are any outstanding maintenance jobs then get them done before showing tenants around and offer everything in tip top condition for viewing.
- If you have a good property in a desirable area, you should be able to command a higher rent.
- Consider investing in energy-efficient upgrades to your property, as this can help you attract tenants who are looking to save money on their energy bills. Grants may be available.
- If you have a long-term tenant who is a good payer, consider the pros and cons of reletting the property to a new tenant. Often times a meet in the middle between market rent and the cost of remarketing will help the tenant stay longer and avoid the costs of finding a new tenant.