Property guru Phil Spencer is urging landlords to hold off on advertising their empty properties for a few weeks. He’s warning that the influx of students looking for accommodation at the start of the academic year could lead to a lot of last-minute changes and uncertainty.

The student rush:

September sees a huge surge in student renters looking for places to live. But, according to Spencer, this initial rush could mean you end up with a tenant who isn’t sure about their choice and might leave you with a void property later down the line. If you want a long-term tenant, it might be worth holding off advertising until the back-to-school frenzy settles down a bit.

Is the rental market cooling down?

The latest figures from Barclays Bank suggest that the rental market might be cooling down slightly, but it’s not a smooth descent. They found that spending on rent and mortgages grew by just 1.1% in August, the lowest rate since March. This suggests that the cost of renting and buying is increasing at a slower rate.

However, there are still some challenges for renters:

• Competition is fierce: Renters are still finding it tough to find a decent property, with 20% saying they’re getting less value for their money due to high demand. This is even worse for young renters aged 18-34, with 26% feeling the squeeze.
• Student pressure: This pressure is only getting worse for young renters as students flood the market. More than one in six young people (17%) say the student influx is making it even harder to find a place.

What does it mean for landlords?

The latest figures show that the housing market is feeling a bit more confident. However, with most mortgage holders locked into fixed rates, only a small percentage are benefiting from recent interest rate cuts. This means that for landlords, holding off on advertising your property for a few weeks might be a smart move. It could give you a better chance of attracting a long-term tenant who’s happy with their choice and less likely to move on in a hurry.

Overall, the message from Phil Spencer and the banking experts is that the rental market is still tough for renters, and landlords might be able to get a better deal by waiting a little longer before advertising their properties.