Rent Reviews on Residential Lettings, Inventories And Check-Out Reports

We're unusually busy with renewals again this week. Tenants are not moving out and prefer to renew their agreements rather than look at buying or trading up/down. In many areas rental values may have risen, in others, unusually possibly even fallen and we're negotiating to ensure that we obtain fair rents for our landlords. At the same time, a tenant leaving is bad news for yields as there is the possibility of a void period before the new tenant is found and moves in. Landlords all think rents are going up; tenants are convinced they are all going down! I'm working closely with the local lettings managers to ascertain a "fair" rent where there is a dispute or the tenancy agreement doesn't have a fixed rental increase provision. Sometimes the landlord will ask other local agents to re-value. Of course they want the business, so inevitably the valuation comes back at substantially more than the current rent. Fortunately most landlords see through this. Most increases at the moment are at the RPI index, around 4.1%.

On those flats and houses that are vacating my team are dealing with inventory loss and dilapidations. A landlady wishes to claim for some comparatively minor items not listed on the inventory (that she insisted she prepared herself). The check out report and inventory are gospel. If it's not on there there's no argument and little that we can do. Tenants expect their deposits back, that's why we use the best inventory clerks we're able to find - it saves alot of argument. It still amazes me how landlords sometimes try and save on the cost of a proper inventory and inventory clerk - a real false economy, an independant, professional inventory is essential.

- Victoria - Chard Property Management and Client Services