Rents at a record high 05.07.22
There has been an imbalance between demand and supply in the rental market for a while now, and this has driven rent prices outside of London to a record high.
If you're thinking of becoming a landlord, or you're an existing landlord looking to broaden your property portfolio, now is a perfect time to start.
Demand for rental properties has risen by 6%, and the supply of rental properties is 50% lower than this time last year. This imbalance has created a highly competitive market for tenants, with rental properties being snapped up quickly.
One reason for this is that tenants are signing longer leases , so properties that would usually have come back on the market aren't becoming available. Whilst there has been a rise in rental properties becoming available, demand still far outweighs the supply.
So, what does this mean for landlords?
As there are currently approximately triple the number of tenants enquiring about a property, landlords have the luxury to choose a suitable tenant. The void time between tenants is also likely to be shorter, as new tenants are eager to move in soon after the previous tenant leaves. This is a key benefit for landlords as the period that a property is not earning rental income is much shorter.
What's more, as there are few properties available, some tenants are willing to pay higher than the asking rental price to secure their property.
High demand, high rent prices, short void periods and a choice of tenants, what better time to become a landlord ?
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