Rents have already increased since Renters’ Rights Act, claims Chestertons
Summary
Chestertons reports that some landlords have already increased asking rents following the introduction of the Renters’ Rights Act, with more than a third reportedly lifting initial prices. The firm says landlords are seeking to build in leeway because they can no longer accept offers above the asking rent, while tenants are taking more time to compare options.
Why it matters
This is relevant to residential property surveyors because changes in lettings regulation can affect rental pricing behaviour, market comparables and local market conditions. It also signals how landlords and tenants may respond to new rules, which can influence valuation assumptions and market commentary.
Key points
- Chestertons says more than a third of landlords have raised asking rents since the Renters’ Rights Act.
- Landlords are reportedly increasing initial marketing prices because offers above asking rent are no longer permitted.
- Portal enquiries are outnumbering tenant applications by 1.99 times, up from 1.61 times in the previous six months.
- Tenants are said to be shopping around more and taking longer to decide.
- Chestertons expects the market to adjust further as confidence in the new framework grows.
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