The RICS March survey, gauging the mood of agents, showed continued improvement in the lettings market.
Tenant demand has continued to increase across the UK, with a net balance of +36%. In contrast, landlord instructions continue to fall, with a net balance of -25%.
The imbalance between demand and supply has created a noticeable shortage in rental properties, which in turn has put upward pressure on rents. +47% of agents who took part in the survey have reported positive rent expectations, with rents expected to increase by just under 3% over the next 12 months.
The increased demand from local tenants for rental properties, paired with the decrease in landlord instructions, means that competition from tenants in the area will only continue to grow.
Over the next 12 months, rents are expected to increase by 3%. According to our research team, the average monthly rent in England (excl London) is £818, and £1,712 in Greater London. Closer to home in Tameside and South Manchester, the average rent is now £821 for a house and £716 for an apartment.
Our experienced, knowledgeable, and amicable property management team can help minimise your void periods and create long-lasting tenancies for your properties, whilst positioning your property with the best rental figure. Call 0161 820 6638 for more information.