Renters are locking in longer tenancies
It has been estimated that there are currently three times more tenants looking for homes than there are rental properties available, making it the most competitive rental market ever recorded.
Quarterly tracking by a popular property portal shows that average asking rents outside London have increased by 11% to £1,088 per calendar month. In London, asking rents have increased by 14%, to an average of £2,195 per calendar month.
Market analysis from a popular property portal has described how a shortage of rental homes, combined with a strong demand for the properties available, has led to a greater number of tenants choosing to renew their agreement rather than re-enter a competitive rental market. A study among almost 1,300 landlords found that the most common length of a tenancy is over two years.
With the rising cost of living, renters are keen to find tenancies with bills included – demand has increased by 36% this year, versus last year. The study also found that homes with balconies, communal gardens, properties allowing pets, and those offering zero deposits all came equal second, with enquiries jumping by 22%.
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This article was originally published by BriefYourMarket and is reproduced here with their permission.
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