There is a big shortage of rental properties across the region, we’ve felt it for sometime, ever since the first lockdown eased back in May 2020. For every property we list, there is often over 20 applications and when we get a 3 bed family home to let, we can easily get as many as 50 enquiries. People are becoming frustrated as they desperately look for somewhere to live.
The Royal Institute of Surveyors report that tenant demand increased last month by 36%. The problem is that the number of properties coming to the market has dropped by 25%. It’s caused a supply and demand problem and this in turn has pushed rental prices upwards.
Over the next 12 months, rents are expected to increase by 3%. According to Dataloft Rental Market Analytics, the average monthly rent in England (excl London) is £818, and £1,712 in Greater London. Closer to home in Lancaster and Morecambe the average rent is now £620 for a house and in Lancaster £600 for an apartment.
As properties come available we will be carrying out rent reviews for our landlords. If you have a property to let, or one coming available which may be let with another agent, please ask about our free rent review service. We have lots of excellent quality tenants registered looking. Can we help you maximise your properties yield?
Call us on 01524 843322 or book your valuation here: