Rental Payments To Rise For Next 2 Years

A property industry expert has claimed that rental figures will continue to increase over the next 24 months, a trend welcomed by landlords and letting agents.

Mark Garner, Director and founder of LettingZone, commented that this is leading many tenants to stay in their current accommodation in an attempt to save money, resulting in fewer available properties coming onto the market. "Rents are rising due to a lack of supply, yet demand is growing", he noted.

"There are very few landlords buying property to rent out - some are and there is some new supply coming, but very little in comparison with the past," Mr Garner added.

He explained it is "very difficult" to purchase a property at present, as many people are struggling to raise a 20-30% deposit and that also includes investor landlords.

For existing landlords, the rise equates to greater yields from their rental properties, but as noted by Rory James MacLaren-Jackson of Property Agency Training, it also has a positive impact on letting and managing agents: "What is good for the landlord is often good for the letting agent and, on the most fundamental level, higher rents mean higher commission for agents."

"Moreover, the backdrop of rising rents and strong demand, reduces void periods and creates longer tenancies, improving not only agents' income but also the stability of the management portfolio," he added.

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