The October effect
How the rental market changes with the leaves
As the crisp autumn air begins to sweep across the country, and the leaves turn from green to orange and gold, there’s another transformation happening. One that isn’t as readily apparent, yet equally impactful: the UK rental market is quietly shifting gears as October arrives.
In this blog, we’ll explore how the rhythm of the rental market changes in harmony with the falling leaves, uncovering trends, challenges and opportunities.
Slowing Demand
October typically sees a seasonal slowdown in the rental market. Demand for rental property often decreases as the summer months, which is peak moving season, come to an end. Families with school-age children have usually settled into their new homes by this time.
In many parts of the UK, rental prices tend to remain relatively stable or may even experience a slight decrease in October. This can again be attributed to the season shift where demand typically decreases after the peak rental season.
In areas with significant student population, rental prices may remain stable or even rise slightly in October as students finalise their accommodation arrangements for the academic year. You may also see an influx of property to the market as agents look to commence advertising for the next academic year.
There also can be variations between urban and rural areas. Urban areas have potential to remain more stable or possibly see a slight decrease, and rural areas typically experiencing more fluctuations due to lower demand.
It is important to note that the UK rental market can be influenced by a variety of factors, including economic conditions, changes in housing supply and local demand. Therefore, while these historic trends can provide a general idea of what might happen in October rental price fluctuations can vary widely across different regions and time periods.
Rising prospects for investors
October is not just about falling leaves, it’s also about rising prospects. Whether you are a seasoned property owner or just starting your rental journey, these October opportunities are yours for the taking.
- As we enter the colder season, speak to your property expert about offering incentives to attract tenants during the off- peak season, such as reduced rent for the first month or a longer tenancy term.
- Use your local Andrews branch to help research local market conditions and adjust your rental pricing to remain competitive while still covering your costs. You could consider pricing slightly below the market average to attract potential tenants.
- Offer flexible tenancy terms- such as shorter or longer tenancies to accommodate tenants who may have unique housing needs.
- Be prompt and responsive to enquiries from any potential tenant. A quick response can make a positive impression and encourage applicants to choose your property. As your agent, we will of course be responsive on your behalf but will need your support when placing offers and responding in a timely manner.
- Stay informed about local rental market conditions, trends and regulations to make informed decisions about pricing and property management. This will include the level of demand and pricing in your area. Is the offer you’ve received in line with a changing market? Your local expert will be able to give you the correct advice for this.
Keep on top of winter maintenance
If your rental property requires winter maintenance, start preparations early to ensure the property is safe and functional during the colder months, our dedicated property management team can support with this. We have also recently written a blog with some advice on what to look out for.
Diversify your portfolio. If you’re looking to expand your rental portfolio, October may be a good time to explore potential opportunities or investments. Our local branches can liaise with sales colleagues on current yield opportunities and our local mortgage advisors can support on any financial queries you may have.
By implementing these strategies, you can increase your chances of attracting and retaining tenants during the October rental market, which is typically a transitional period in many regions. Adapting to the specific needs and preferences of prospective tenants during this time can help you fill vacancies efficiently.
Please do not hesitate to reach out to your local branch for more information on the seasonal changes and opportunity in your local area
Hannah House, Regional Lettings Manager
