Rental market starts to settle
8 Nov 2019
Online lettings an effective option for landlords as void periods fall
Following a buoyant summer for the lettings sector, there are positive signs of a more stable rentals market in key regions across the UK, with rents becoming more affordable for tenants and shorter void gaps for landlords.
The cost of renting a home rose fastest in Nottingham, Leeds and Bristol in the past year, according to research from property portal Zoopla.
Tenants moving into a Nottingham home to let this summer paid 5.4% more in rent than a year earlier. Leeds and Bristol (up 4.5%) were the only other UK cities where rents rose faster than UK average wage growth.
Nearly three-quarters of 16 to 24-year-olds and almost half 25 to 34-year-olds rent from a private landlord, according to the government's Family Resources Survey, with a typical tenant spending an average four years in the same property.
Renting more affordable
Renting, says Zoopla, has become more affordable, partly due to an increase in people buying their first own home and thereby relieving pressure on the rental sector.
Rentals are mainly focused on London, where around a third of UK rental properties are located. In line with the cost of buying property, rents are at their most expensive here.
The Zoopla report estimates that a typical UK tenant spends nearly a third of their earnings on rent (31.8%), slightly less than the rentals peak in 2016. Outside London tenants spent the highest proportion of their earnings in the property hotspots of Oxford, Brighton and Cambridge, with the lowest proportion in Hull, Bradford and Stoke.
Good news for landlords
UK-wide rental prices are up by an average of 2% over the last year - about half the typical level of wage rises. Comparisons show, however, that renting is more affordable today than the ten-year average.
The good news for landlords is that across the UK, homes are currently taking an average 17 days to rent, based on the time between a listing being posted and removed. This is down from a year ago, when homes took 19 days to rent. A number of regions are enjoying notably lower void periods, including the East and West Midlands, where rents have also stabilised at around £600 to £700 per month, depending on property size, quality and location.
Low cost estate agent online
With a team of locally based specialists offering service excellence to rent your property online, including low fixed fees and exceptional customer ratings, OnlineEstateAgents.com is a top choice, low-cost independent online lettings agent.
You can list your property for rent for as little as £65 a month, with property management services at just £39.99 a month, on a pay as you go basis.
OnlineEstateAgents.com is perfectly geared as your online marketing partner, with the added bonus of offering hybrid and traditional estate agency services, allowing you to search private rental properties, from city apartments and new-build homes, to character villas and country cottages, from the south to the East and West Midlands and across the North West, Yorkshire and the North East.
For further information about online homes for rent, contact Online Estate Agents Ltd; on 0330 1244 786.
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