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I keep reading about the fact that rents are rocketing upwards. Over 4% in the last 3 months to an average of £614 according to the Rentindex.Well maybe for some lucky landlords or more accurately those landlords in London and certain parts of the South East.
In my home town of Nottingham where all my buy-to-lets are located no such letting 'nirvana'.
Rents have effectively flat lined over the last 10 years at around £550 pcm for a 2 bed with supply appearing to keep up with the increasing levels of demand.
I would be interested to hear whether landlords outside the capital have found it possible to raise their rents.
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5 comments:
We've seen around a 5% increase on average, although it does depend on the property, not all have increased. For us it's been an incredibly busy couple of months, demand has far out stripped supply resulting in the price increases. As we close in on the winter period the number of price increases will certainly be significantly lower due to the reduced demand.
Based on one data point (us) landlord seems happy to not increase rent but keep good tenants. Prob could ask for 10% more & maybe get 5%, but would likely have a short void, plus extra agency costs.
In parts of the Black Country, West Midlands, rents have been rising owing to demand and shortage of good homes at affordable prices, typically around 10% over a five year period. My properties are modern, well maintained and in prime rental areas well served by local shops, amenities and transport.
Thanks Guys for your comments. Always interested to hear how other landlords are fairing. I have good news to report. My 2 bed maisonette whih was let back in 2006 for £525 has just been relet for £550. Not a phenomenal uplift but still up of just under 5%. However, that still only equates to an increase of less than 1% pa. Not enough to keep pace with inflation.
I am a Landlord in Leeds. I rent to families and "respectable individuals" in periphery suburbs (lower socio-economic bands). I hold my rents fixed, regardless of fluctuations. This is better for the tennants, and better for me in the long-run i.e. better reputation, less hassle, clearer for the taxman and accountant. I also take some pride in "giving the families and workers a break", they really do appreciate a straight forward deal. (I do make approx 5% Retrun on Investement overall, before anybody questions my commercial sense). Bob.
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