Renters are having to look at renting smaller properties with lower running costs as rents continue to rise across Nottinghamshire and throughout the UK.
According to Zoopla’s latest quarterly rental market report, the average rent has increased by £115 per month since last year, reaching £1,051 per calendar month – and accounting for 34.4% of the average income of a single earner.
Why are rents rising in the housing market?
This surge in rental prices is heavily impacted by a severe supply and demand imbalance. The average letting agent currently has just eight homes available to rent, with the rest of their stock all tenanted and unlikely to change.
With the cost of living ever increasing, renters do not want to spend extra money moving home.
Another reason for this is that Landlords are looking to sell some of their properties. This is both down to the cost of living but also with so many legislation changes over the last few years.
According to Zoopla, currently, approximately 3 in 4 renters will decide to stay in their current property.
Key rental takeaways
These are the key facts taken from Zoopla’s research:
Renters are choosing two-bed apartments over three-bed family homes to reduce outgoings as the cost of living rises
Rents on new lets have gone up £115 per calendar month compared with this time last year, rising faster than wages
- In a market where demand is massively outstripping supply, rents are likely to keep going up into 2023
Rental growth has accelerated over the last 12 months from an annual rate of less than 2% in July 2021 to 12.3% today, while rental growth is out-pacing earnings growth in all regions and countries of the UK. Rental growth is ranging from 7.6% in the North East to a staggering 18% in London – however, there are signs that rental growth is close to peaking.
How can Benwell Daykin Lettings help?
As letting agents in Nottingham, we want to strike a balance between helping rents to remain affordable, but at the same time allowing Landlords to make the most from their investment properties.
We are constantly monitoring market conditions to ensure the best possible rental prices are being achieved on all properties managed in our portfolio.
Worried about legislation? We take care of this for you!
We know exactly what it takes to ensure all properties are legally compliant. If a property is managed by Benwell Daykin then all of this is taken care of, without stress.
Find out more about our lettings services
You can talk to our friendly team today by calling 0115 990 2007 or by using our contact page.
