The ‘AirBnB Effect’ is the sheer number of AirBnB properties coming back onto the market after AirBnB shut its doors for new bookings during the coronavirus.
We’ve already seen anecdotal evidence that this is happening and with a flood of Rental properties coming onto the Leeds Rental Property Market.
This is great news for tenants of course, as rental prices have seemingly lowered during this crisis, and as more rental properties flood onto the Leeds Rental Market, there is more choice for tenants at a lower price.
For landlords however, things aren’t as rosy, with lower rents being asked for by tenants, and properties that would normally rent in just a few days sticking on the market.
Our advice to landlords is to ‘get the property let’ as quickly as possible even if you have to drop the price by £50 to £100.
A tenanted property is always better than an empty property for 6 months.
On empty properties the landlord also has to pay for council tax and standing energy pricing too, so it’s always better to have someone in, and as rental prices recover later in 2020 and early into 2021, with a higher trend anticipated from there on, it’s best to make sure you have your rental income covered by a paying tenant and a full property.
Click the link to take a look at available rental properties in Leeds.