The data was collected by Countryside Residential Lettings, who have been gathering statistics since 2003. In the last three months until the end of June 2010, they found that over 50,000 people were looking for rental accommodation – the highest they’ve ever recorded. The biggest spike was seen during June, when over 18,000 new tenants registered for rental property.

These figures are noticeably higher – 16% up – than the first three months of the year and suggest that more people are beginning to look for rental properties.

Some of the data they gathered will be of interest to property investors and landlords, as it gives an indication of which areas people seemed to be interested in. For example, the most sought-after properties were two bedroom homes in south west England, where an average of 23.1 people were keen to rent each property.

On average there are now 5.5 tenants competing for every property, an increase from 4.9 tenants per property during the first quarter of 2010. With demand being higher, the sooner a property is available, the better for tenants, with properties being let within an average of two weeks.

In line with this increased demand for property, a small increase in rental prices has also been recorded, particularly on houses. For example, the average cost of renting a four bedroom family home has risen by 4% to £1,090.

Demand for rental property is likely to continue for the next few months at least, especially as the annual rush to find and secure student accommodation in university towns and cities will soon be upon us.

Choosing flooring carefully in the first instance can save you money and hassle if problems occur further down the line. Here are four top tips for choosing flooring options for your rental investment property.

1. If you’re buying carpet, then don’t be tempted to buy an expensive brand. Instead, choose carpet that is reasonably priced and hard wearing. Many carpet companies have end of line or end of roll carpets that are priced at a lower cost and are a good option to explore if you only have a small room or two to carpet.

2. If you’re buying tiles for a bathroom or kitchen floor, try and buy a few extra to keep as spares in case any of them get damaged or stained. It’s much easier just to remove a few tiles and replace them with new ones, than have to replace a whole carpet.

3. Don’t even think about putting carpet in a bathroom. It’s impractical, not so easy to clean and is takes ages to dry if it accidently gets wet. Instead, choose non-slip tiles or vinyl that is more hygienic and more appropriate for a modern bathroom.

4. Wooden floors look stylish, but a more cost-effective modern flooring solution is laminate. It’s easier for tenants to keep clean and is relatively easy to replace if damage occurs.

Once all your maintenance tasks are complete, and your property is looking at its best, it’s on to the all important task of promoting your property. If you’re using a letting agent, then hopefully they will already have started to include your rental property in their marketing to potential new tenants, but if you’re keen to fill your rental void as soon as possible, you can get involved too.

Word of Mouth

Don’t underestimate the value of word of mouth, as telling people you have a property available can sometimes get passed on to people who need somewhere to let. This is something you can develop over time, especially if you have a large portfolio of properties, as many people find it helps to get a reputation as being a landlord, so people come to you when they’re looking for somewhere to rent.

Advertising

If you know of any local publications that your letting agent doesn’t target, then you could do you own advertising. It would be a good idea to run this by your letting agent first, so that you don’t step on their toes, and it’s good to provide their contact details, or a link to their website with your property listing on.

You could use your advertising to try and tap into markets that your letting agent may not be covering, like local parish magazines, hospital housing lists or even university housing lists. Where you advertise will depend in part on your property, its location and whether you’re keen to target long or short term tenants.

Online Promotion

If you’re a user of social networking sites, like Facebook, are active on forums, or use Twitter, then you can use all of these to help promote your property. Sending one single message out to all your Facebook friends, to let them know that your property is available for rental, is a quick and easy way of spreading the word.

If you’re using Twitter, then as well as targeting anyone who’s following you and reading your tweets, you could use hashtags to spread the word further. For example, you could add one to each property related tweet you send to let people know where the property is located or that you simply have a property for let.  In these cases, the hashtags could be #nottingham #propertyforlet or #rental.

Give the Inside of the Property a Thorough Check

If your property has been off the market and let for some time, for example with long-term tenants in residence, then now is the perfect time to get inside and do a thorough check.

You’d expect there to be at least some maintenance that needs to be attended to, for general wear and tear, and with tenants moved out you can check the property from top to bottom. It’s also a good time to do any decorating or simple touch-ups that might need attention, such as painting skirting boards replacing floor tiles and generally making the property presentable.

Do Outside Maintenance Tasks

It’s not just the inside of the property you need to be thinking about – don’t forget the outside too. If everything had been ticking along well, then the chances are that the property hasn’t had much attention for a while, but simple outdoor maintenance tasks, like giving the property a lick of paint, cleaning the windows, painting the window frames or clearing out the gutters can give it a new lease of life.

If the property has a garden, then give it a tidy up, mow the lawn, cut back any overgrown hedges or plants. Tidy the area around the front door too, re-paint the door and make sure the entrance area looks appealing.

First impressions count and, when you’re trying to promote the property for new tenants, it will look more appealing if the property looks clean and tidy, inside and out, and could help influence how quickly you get a tenant.

Like some of the other methods of locating and identifying property hotspots, the positive influence that major sporting events can have on a location are well documented. The South African property market has spent the last few years building up to 2010, and hosting the World Cup, as did Vancouver, in Canada, which has just held the Winter Olympics.

If a major international or national event, such as World Cup events, the Winter Olympics or Olympic Games are scheduled to take place at a particular location, one of the first things people begin to think about is accommodation.

Not only does an area need to have enough accommodation to comfortably house all the sportspeople, but also their entourage of coaches. Then there’s the small matter of having suitable accommodation for all the spectators that will want to come and see the event, and all the media that will be reporting on it. During any building work, for example construction of a stadium, then accommodation nearby may also be required for people involved in the building work.

Even though the London 2012 Olympics are still two years off, reports are suggesting that tourists are already booking up accommodation in the city and property owners are beginning to think about the prospect of letting their properties for the event.

Having property in the right area and being able to cater for the rental property needs for major sporting events can be lucrative in the short term, but isn’t necessarily simply a short-lived bonus. Often areas hosting major sporting events undergo regeneration and considerable improvements to infrastructure in the lead up to the event, which leaves the area in a good position after the event is over.

Keeping an eye out for details of major sporting events, especially the locations where accommodation will be needed or players will be housed, and seeing if a property purchase in the area may work for you can lead to a good deal. If you’ve already got a rental property in the right location, then don’t forget to take action and see if you can make your bricks and mortar work in your favour!

It’s not uncommon for landlords to specify that they don’t allow tenants to have pets. Some of the key reasons for not allowing animals are concerns about the property or furnishings being damaged, or worries about pets being noisy for neighbours. There’s also the issue that, where flats are concerned, pets such as dogs or cats are often impractical.

But many people do own pets and, according to research conducted by The Dogs Trust, 54% of pet owners are unable to find suitable rented accommodation due to landlords being wary of renting to them.

In the worst case scenario for landlords, tenants may ignore your wishes and smuggle pets in anyway. Not all pets are troublesome though and, if you’re finding it slow to let a property, then is it worth considering the potential benefits of a pet owner renting your property?

Benefits for landlords of letting property to pet owners

Although they may not seem obvious initially, there are some benefits to be had for landlords who allow tenants to have pets.

From a business and financial point of view, good properties that allow pets are often in demand and, as tenants have less of a choice available to them, they may be more likely to pay a higher rent for the right property.

It’s not just the inside of the property that matters to pet owners, but also the outside too. If there’s a garden, or the property is away from busy main roads, then it may be particularly suited for dog or cat owners.

Plus, as properties that allow pets are thin on the ground, existing tenants may be more likely to renew their tenancy, rather than having to worry about finding somewhere else suitable for their needs and their animals.

Before you take the plunge and decide pets are fine for your rental properties, don’t forget to double-check that it will be okay. For example, if you have a leasehold property, then you’ll need to ensure the lease does allow pets.