LETTINGS NEWS :- Big rise in number of tenants just as the supply of homes drops
The gap between supply and demand for rental properties has widened at the start of 2018 with more prospective tenants than stock coming onto the market – that’s good news for landlords wanting strong returns from their investment. Figures show:
– an average 20% rise in tenants registering at each letting agency branch;
– an eight per cent drop in the number of homes to let on the market;
– one in five tenants seeing a rent rise already this year.
The body which compiled the figures, the Association of Residential Lettings Agents, says the drop in the number of homes to let has been caused by some landlords selling their properties to cash in on strong levels of capital appreciation over the past five years.