As we continue to see record rental figures across the UK, it continues to be a great time to become a landlord despite recent government changes affecting landlords.
In the North-West we see average rents at around £799pcm which is 5.4% up on last year. More locally, Lancaster and Morecambe is still seeing a huge demand for rental properties, in particular 3 and 4 bedroom homes for families.
Whilst many landlords will welcome the news of higher rents, we need to show caution in the increased figures. Whilst the rent goes up, the same cannot be said for peoples wages and a close eye needs to be kept on affordability to make sure potential tenants can comfortably afford the rent without building up unnecessary debt. It is more important than ever to ensure thorough referencing is done and landlords consider rent guarantee schemes to guarantee income.
Take a look at the full report below:
