Soaring demand continues to push rent prices higher
According to a recent market report by a well-known property portal, the current demand for rental homes is a staggering 76% higher than during the same period between 2018 and 2021.
As demand continues to outweigh supply, we truly have a perfect storm that is, in turn, pushing up rent prices across the UK. *
Tenants can now expect to pay around £969 per month, which equates to an extra £744 per year compared to pre-pandemic prices.
With supply currently unable to meet demand, landlords are in a strong position and should remain so for the foreseeable future. Rental properties are only taking two weeks to let, making it easier than ever to attract the right tenant in a very short time frame.
Predictions show that rents will rise by 4.5% across the UK over the coming year, so if you’re thinking of letting your property, now is the perfect time to capitalise on the expected market growth.
Ready to discover how much you can secure for your rental? Book your valuation today.
* Zoopla
This article was originally published by BriefYourMarket and is reproduced here with their permission.
For more company news and insights from Pygott & Crone, click here
Latest news
Shared ownership: Is it a stepping stone or a trap?
Shared ownership is one of the most widely discussed routes onto the property ladder for first-time buyers who cannot afford to purchase outright.
Conveyancing Explained: What Happens Between Offer and Completion
The moment a seller accepts an offer feels like the conclusion of a long process.
Why Families Are House Hunting Right Now Instead of August
The family buyer is the most time-constrained purchaser in the property market.
The Green Upgrades Tenants Actually Care About vs The Ones They Don't
The language around energy efficiency in rental properties has become increasingly technical.
