Why most landlords are not planning to increase rents in 2021
As the easing of lockdown restrictions continues, it would seem that tenants are beginning to return to cities and resume their ‘normal’ lifestyle routines, drawn by reopened venues and attractions.
This reversed change in demand, paired with a recent shortage of properties available to let, is fuelling a rise in rental values across the UK.
However, the National Landlord Index has revealed that a large margin of landlords (90.2%) believe they have developed a good relationship with their tenants.
Following this, 82% have pledged to not increase rent throughout 2021.
The report highlighted the fact that many landlords are aware of their tenants’ financial difficulties caused by the pandemic and are aiming to keep rent affordable in light of this.
On the other hand, only a small margin of landlords (18%) indicated in this survey that they intend to increase rent over the next 12 months.
The area revealed as most likely to see a rise in rent was London, with 35% of landlords stating they would be upping their prices, followed by the North West and West Midlands (both with 21% in agreement).
The report revealed that Scotland, the North East, East and Northern Ireland had the lowest number of landlords planning to increase rent.
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This article was originally published by BriefYourMarket and is reproduced here with their permission.
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