Half of tenants are expecting rents to rise over the next year, with one in seven expecting the hike to be more than 10%.
According to a new report by Rightmove, out this morning, their fears are justified.
The site says that its rental listings are down by nearly a quarter on two years ago, but the number of people searching the site for somewhere to rent is up by two-thirds.
Rightmove director Miles Shipside said: “With such fierce competition for a dwindling stock of properties, those tenants that can play the trump cards of offering the highest rent and quality references will be best placed.”
Rightmove also questioned landlords and found that almost one-third (31%) were buying property because of the poor performance of other types of investment.
The survey questioned 5,146 people.
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Comments
This is a simple example of supply and demand. There's an awful lot of demand at present with not a lot of of supply so, guess what? Prices will continue to rise until there is more supply!
the other 50% are gonna get a big shock then as, here in london, every single renewal includes a rent increase.