Is it time for landlords to increase rents?
As demand for rental property continues to outstrip the number of available options on the market, rents are likely to remain buoyant due to competition from private tenants. For landlords with tenants already in place, Zoopla has advised that despite the New Year bounce-back from renters, the demand peak has begun to ease in February, indicating that less competition will reduce the scale of rental growth across the next 12 months.
Affordability levels also remain a concern for renters so, if you’re considering increasing the monthly price of your rental property, it is worth researching the local market before re-listing. Instead, savvy landlords may wish to renegotiate longer tenancies with existing tenants in a bid to secure higher occupancy levels.