With the Renters’ Rights Act just around the corner (1st May), there’s been a lot of noise nationally. But when you step back and look at what’s actually happening, things feel… steadier than many expected.
Here’s what we’re seeing:
+3% more rental homes available
Supply is improving, and we’re seeing more choice for tenants across Lancaster and Morecambe. It’s the highest level for this time of year since 2021.
+1.8% annual rent growth
Rents are still rising, but at a much more controlled pace. In fact, March saw the first monthly increase since October last year.
So what does this mean locally?
Demand is still strong. Not quite at the levels we saw last year, but definitely above what we’d call “normal” pre-2020. Well-presented, well-priced homes are still letting quickly.
For landlords, this is an interesting moment.
More stock means more competition, so pricing and presentation really matter. But with steady rental growth and consistent demand, the fundamentals are still very solid.
For tenants, there’s a bit more breathing space.
More choice, less of that frantic rush we’ve seen over the past couple of years.
The big question now is what happens after the Renters’ Rights Act comes in. If you’re a landlord in Lancaster and wondering how this could affect your property or your plans, it’s definitely worth having a conversation.
My name is Josh Heron. You can call me on 01524 843322. At JDG, we’re here to help.
Thanks for reading
Josh