As the shortage of available homes persists, rental prices have reached a new peak
Average rents have continued to hit new highs, according to property website Rightmove, as the shortage of available properties continues.
According to Rightmove, the average asking rents have hit a new high of £1,190 per month outside of London, while inside London they have skyrocketed above £2,500.
Intense competition among renters vying for a finite number of available rental properties has resulted in a surge in rental prices.
According to Rightmove, there are indications of an increase in the number of properties being listed on the market.
Despite an 8% increase in the number of properties available for rent between January and March compared to the previous year, the figure remains almost 50% lower than that reported in 2019.
Although the difference between the number of rental homes and the quantity of tenants looking for them has reduced, Rightmove noted that it is still at "almost record-breaking levels".
Rightmove mentioned that the average rental prices requested for new tenants outside of London have increased for 13 successive quarters.
Tim Bannister from Rightmove stated, "Although we have observed some initial indications of betterment in the tight supply levels this year, the scarcity of new rental properties expected to be accessible in the near future implies that the imbalance is likely to persist for a while."
Due to the existing market, numerous agents are dealing with an exceptionally enormous influx of tenant queries for each property that they lease.
What are your rights as a renter?
The extent of the rent hike is subject to your contract, but it should be reasonable, practical, and consistent with other properties in the area, and typically, one month's notice is given.
Landlords are required to adhere to stringent regulations, which include providing written notice. After the notice period has expired, the landlord can initiate legal action to evict the tenant through the court system.
According to the charity Shelter, policies that discriminate against individuals receiving benefits, known as DSS policies, are illegal. However, some councils maintain a directory of private landlords who accept tenants claiming benefits.
To conclude, the rental market in the UK continues to face a shortage of available properties, causing average rents to reach new heights. Despite an increase in the number of properties listed on the market, the figure still remains significantly lower than that reported in 2019. The intense competition among renters has resulted in a surge in rental prices, especially in London, where the average rent exceeds £2,500 per month. As a renter, it is essential to understand your rights, including the extent of rent hike, which should be reasonable and consistent with other properties in the area. Landlords must follow strict regulations, including providing written notice and adhering to non-discriminatory policies. Despite the challenging rental market, there are still some private landlords who accept tenants claiming benefits through a directory maintained by some councils.