Rental Growth Down To Sustained High Demand

In the past 12 months, the annual rate of growth of monthly rents has been 11%. A year ago, they stood at £897 while recently, according to Zoopla, they have risen to £995.

Zoopla believe rents will continue to rise in 2022, even though they don’t expect the rapid rent increases that some industry observers suggest. According to Zoopla, the UK rental growth, without London, will stand at 4.5% by the end of 2022. They also expect rental growth in the capital to come in at 3.5% by the end of 2022.

Gráinne Gilmore, head of research at Zoopla, says: “High levels of demand amid constrained supply is still putting upward pressure on rents, but affordability pressures will mean an easing in rental price growth through the rest of 2022.”

At The Letting Line, we aim to assist you as best we can with whatever you want to achieve in the rental market.

Why Does High Demand Increase Rent Prices?

While demand for rental housing has risen over the past few years, this trend is not a new phenomenon. Rents are steadily rising in cities across the United Kingdom, thanks to a combination of factors. First, vacancies have remained low. Second, many potential buyers have found themselves priced out of the market, increasing the demand for rental property. Third, demand for rental housing has been rising because of the pandemic.

How Landlords Can Attract Tenants Without Lowering Rents

While it may seem difficult to attract quality renters, there are many ways to entice them. Consider offering free amenities such as gym membership, onsite laundry, convenient parking, or streaming subscriptions. Tenants will be happy to have these added perks.

A higher rent may reduce the pool of prospective renters. But lowering rent may increase your visibility in the rental market. While increased visibility is an important marketing tool for landlords, longer vacancies cost landlords’ money. Increasing rent may not be the best idea, as it may increase the cost of vacancy. Consequently, lowering rent is the best option to keep tenants in a property for a long time.

Presenting your home in the best possible way

If your property is pet-friendly, offer it to your prospective tenants. Even better, if you can offer a car parking space, it can attract many applicants.

We know the local rental market well, and we know what tenants are looking for. We are pleased to say we are local agents who work closely with landlords to ensure they receive the best possible service.

If you want to let property in these interesting times, make sure you call on an expert to provide you with support and guidance.

Contact The Letting Line for letting assistance in 2022

If you are looking for guidance or assistance in the Enfield rental market, we can help. At The Letting Line, we are a specialist letting and property management agent serving Enfield, Barnet, Potters Bar, Brookmans Park and surrounding areas.

We can arrange a free valuation for you, and if you are looking to contact us, please call us on 020 8342 1234.