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Belfast rents on the rise
28/08/2007
While new buyers in Northern Ireland are being squeezed out of the housing market due to overinflated house prices, commercial landlords have been able to push up rents as youngsters are forced to let instead of buy.
Belfast has been victim to this new trend more than any other area of the province, with solicitors more likely to see investment landlords with more money buying up properties to rent out than ever.
At present, prices for luxury flats in Northern Ireland's capital are doubling, and there are plenty of people ready to rent them due to a thriving economy and the immigration of professionals after the quality of life in the province has improved.
As such, landlords are spending more money on improving their properties, with luxury fixtures and fittings more in demand than ever.
Jo Gavigan, Belfast branch manager from Braemore Property Management, said: "The days of tenants accepting poor standard accommodation simply because it's a rented property are numbered."
"For one thing, the rise in property prices is causing more professionals to opt to rent. Add this to the aspirational shift in Belfast which has seen a new wave of tenants who demand more from their rented home, and it's clear landlords are responding," she told the Belfast Telegraph.
Jo said: "Clued-up landlords now know they need to invest in decent furniture, ensure properties are well maintained and, where possible, are fitted with quality kitchens and bathrooms."
However, landlords have seen added expense due to the Private Tenancies (Northern Ireland) Order 2006, which came into force in April. Landlords will have the choice of either paying £50 to apply for a Certificate of Fitness or employ a solicitor to find out if the property already has one or is exempt.
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Belfast has been victim to this new trend more than any other area of the province, with solicitors more likely to see investment landlords with more money buying up properties to rent out than ever.
At present, prices for luxury flats in Northern Ireland's capital are doubling, and there are plenty of people ready to rent them due to a thriving economy and the immigration of professionals after the quality of life in the province has improved.
As such, landlords are spending more money on improving their properties, with luxury fixtures and fittings more in demand than ever.
Jo Gavigan, Belfast branch manager from Braemore Property Management, said: "The days of tenants accepting poor standard accommodation simply because it's a rented property are numbered."
"For one thing, the rise in property prices is causing more professionals to opt to rent. Add this to the aspirational shift in Belfast which has seen a new wave of tenants who demand more from their rented home, and it's clear landlords are responding," she told the Belfast Telegraph.
Jo said: "Clued-up landlords now know they need to invest in decent furniture, ensure properties are well maintained and, where possible, are fitted with quality kitchens and bathrooms."
However, landlords have seen added expense due to the Private Tenancies (Northern Ireland) Order 2006, which came into force in April. Landlords will have the choice of either paying £50 to apply for a Certificate of Fitness or employ a solicitor to find out if the property already has one or is exempt.
Contact us for legal advice
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