What’s brewing in the rental market?
This month sees the return of National Tea Day.
But perhaps the time for taking a break is over. With so many people looking for homes to rent, maybe it’s time to take a fresh look at the spring rental market. You could improve the climate for tenants while making a few wise investments!
Rents are spiralling with soaring demand
According to figures released in December 2022, the number of homes available for rent is 40% lower than average. This is while the properties available for rent have reduced dramatically to 38% and demand is 46% higher.*
Some landlords are sitting on the fence
With so many changes to interest rates in the latter stages of last year, many landlords have hesitated before expanding their property plans. This is creating more opportunity to step forward on the buy-to-let ladder. As others wait to see what happens, you could make an early start on expanding your portfolio.
More properties are entering the market at the right price
Spring always brings a fresh influx of properties to the market as homebuyers and sellers get on the move. So, this is a good time to find a home that may make a great buy-to-let investment and with a little more room for negotiation.
Renters Reform Bill
The renters reform bill is due to kick in at the end of the year. While it aims to improve rights for tenants, it offers a framework for landlords to address issues arising with tenants. So, in many ways, it’s a good thing and not to be feared by landlords.
New opportunities
With some landlords retiring, even fewer properties for rent become available. This means there is more scope for new investors to put their stamp on the buy-to-let market.
Buy-to-let mortgage deals are recovering!
More choices of buy-to-let mortgages are returning to the market, with some 2400 deals available.* This is a sure sign that the market is stable and strong with good levels of confidence, creating the perfect environment for long-term investment.
Tenants are renting for longer
It’s harder for many to get on the property ladder; people are choosing to rent over buy, deciding to invest in lifestyle instead of bricks and mortar.
The demographics are changing
The trend a few years ago was typically that younger people rented before they bought their first home. This has since changed, as we are now seeing more older tenants choose to rent. As a landlord, you are no longer pitching to a younger audience, creating yet more market sector opportunities.
Many renters are looking for bills included
According to Rightmove, tenants are searching for bills included in their search more than ever, and it is the most searched for term in their property portal.**
Conclusion
This is an exciting time to be a property investor. It’s time to move on from the days of making vast profits exceedingly quickly, as has occurred in the past few years. What replaces this is a more stable, lucrative market with better long-term prospects than ever before.
A better tenant-landlord relationship that is more clearly defined. And with a little more scope for finding a bargain, now is the time to get off the fence!
Go ahead – you deserve a break!
Browse these great rental properties to enjoy with your tea! Then get in touch to see how we can help you on your journey today.
Zoopla*
Rightmove**
This article was originally published by BriefYourMarket and is reproduced here with their permission.
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