Increasing rents due to supply and demand imbalance

Increasing rents due to supply and demand imbalance

The supply and demand imbalance for rental properties in suburban and rural areas has led to an 11% rise in rents compared to pre-pandemic levels. 

  

The sustained desire from tenants for more space has led to an increased demand for suburban properties, with the average asking price in these areas now at £1,041 per month, up from £940 in February 2020.

This matches the increase in rural areas, where rents have jumped from £1,141 per calendar month to £1,264.*

All UK regions have shown an increase in rent, with an average rise of 8.7% compared to this time last year, with the largest increase in Wales with a huge 12.9% jump.** 

 
Tips for renters this winter:

  • Make sure your deposit is protected – in England and Wales, your landlord must put your deposit into a protection scheme within 30 days of getting it.
  • Fully insure your home’s contents – under-insuring could lead to insurers not paying out when you need it. It’s unlikely your own belongings will be included under your landlord’s protection plan, so don’t forget to find an adequate policy.
  • Save £100s switching energy providers – even as a renter, you can still change energy suppliers to a cheaper alternative, provided that you have the landlord’s permission first.

 

If you are looking to rent or let, contact our local property experts. 
 

*Mortgage Introduce

**Property reporter