What are everyones views on the rental market in Mount Pleasant?
Pretty awful I reckon. I first started buying HMO properties there in 2003 and at one point owned three properties. Have found due to an oversupply of properties, students do not even look at a property until late August/early Sept in order to avoid paying a summer retainer. So you generally only get full rent for 9-10 months and no rent in the summer. Combine that with the fact that the Institute has a dropout rate of about 24% (several years I've lost a quarter of my tenants) and the fact that rental values have barely increased there in the last 5 years, makes being a landlord there a difficult experience.
I have owned 3 properties in Mount Pleasant for 5 years now and it isn't anywhere near as good as Brynmill. I am hoping that the change of name to University status will help and even things like the new Tesco at the bottom of the hill as well. I too have a lost tenants over the years in Mount Pleasant, I lose a few in Brynmill as well but not in the same numbers and I can usually re-let easily. I supppose what I try and do is to make them as smart as possible and keep the rents realistic. But yes I agree it could be better.
I agree with Terry, Mount Pleasant doesn't seem to have changed for years in terms of rents or prospects or better void periods. I don't know whether a number of part-time landlords getting out of the market will makes things better in the medium term. I am hopping for the expansion of the campus as a result of the change to university status but who knows.
I too have properties in Brynmill and it seems a different world. I have both institute and university students also some hospital staff as well, but the Brynmill location gives you more options. I must admit I wouldn't buy anymore in Mount Pleasant whereas I would in Uplands and Brynmill.
Mount Pleasant
Posted - 30 Jun 2008 : 22:13:08
