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The number of tenants experiencing increases in their rent has risen for the first time since September, according to Arla.
Last month saw 26 per cent of tenants reporting an increase in rents prices, up from 18 per cent in December.
Year-on-year, this figure is up 7 per cent.
Furthermore, the supply of rental stock is on the rise, with the number of properties available having increased from 193 in December to 197 in January.
Demand from prospective tenants has also increased, with the number of house-hunters registered per branch rising to 73 in January, up from 50 in December.Full/source article
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
The media will jump on this and show us as greedy landlords
they will not report the true pic of why rents are going up
but I think the prs is used to that situation
Learn Change and Adapt ?????
All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.
Rents are starting to rise as landlords and lettings agents prepare for the tenant fee ban.
ARLA Propertymark’s February Private Rented Sector (PRS) Report found the proportion of agents reporting tenants experiencing rent rises increased to 34% last month.
This was up from 26% in January and the highest rate since the record high of 40% reported by member agents last August.
Year-on-year, this figure is up 14 percentage points, from 20% in February 2018.
In line with this, the number of tenants successfully negotiating rent reductions fell from 2.5% to 2.3% between January and February, ARLA Propertymark said.
Member agents also reported an increase in landlords exiting the market, at four per branch compared with three in January, while new listings were flat at 197 per branch.Full/source article
Rents are dropping for one reason - its not rocket science- because they got too high as many greedy landlords thought it would go on forever.Also many new developments now offer part ownership etc and people see the benefit rather than pay rent for nothing.Many landlords priced themselves out of the market with sub standard property and failure to up keep the properties. Those who provide a good level of rentals will survive and continue to have full rentals while others will not.
New data on rents:UK rents rising at fastest rate in 2 years
All myrents are going up this year, i’ve previouLy rarely raised rents during a tenancy but waited for vacancies then matched local rents for the new tenant. But that policy has sort of backfired, tenants are staying longer and longer as they see rents rising anywhere they might move to, theresult is that the rises are averaging 10% and this only takes me to the median of rentsin a 3 mile search on rightmove for comparable properties. ( based on being flats and number of beds only), if i ignored the substandard (poor blocks, electric heating, no double glazing, poor decoration, etc) listings and met the new median it would be nearer 15%.
But these rises won’t take my inflation adjusted income above what it was say 5 years ago, however it’ll allow me to catch up on basic decorating and recarpetting of common areas, cover licensing fees, tenant ban on fees that wil incur either more work or higher charges to me, s24 has little effect on me but with all the little increases in landlords electric, insurance bills, gdpr, materials rising well over inflation, 100% council tax from day one for voids, disposal fees at local tip, profiteering by housing association on an ex authority flat etc etc, all add up.
Then i’ve no doubt we’re in for another kicking before or soon after the next GE. Also i’m in a selective licensing area where current scheme ends in 2021 its in its second term and don’t see the council relinquishing this golden goose if they can avoid it, there has been no report on the scheme in 4 years , next is due this summer apparently and i rather expect that will be looking to lay foundations for further extension or borough wide licensing if it gets off the ground elsewhere.
tenants have already been warned that rents will be rising annually in line with the methodology used this time. I feel sorry for some of them its going to be hard to meet the rises or at least wipe out any increases in income they may be seeing.
Private tenants have little option to save money - as even if they gained a new tenancy in a new build social property the rent would not be cheap in SE - EG £1000 pcm rent for a new build 2 bed Housing Assoc flat in Surrey.
Only by vacating London/SE could they save substantially on rent - though 11 yrs of capped LHA has seen thousands of esp poorer London families forced to vacate London - some being relocated hundreds of miles away.
That said DWP say that only 23% of the 4.7 million HB/LHA claimants are in working households - so 77% have no work related need to reside in expensive locations.
I'm aware of many former BTL properties now being sold off because the LL can't make the figures add up any more. I know of two in the Cul de Sac I live in and we are in the process of buying a flat in Cornwall that is in exactly the same situation. Plus the damaging effect of UC on LL confidence, its going to have an effect on rents and who LLs are prepared to rent to. ,