Rents have already increased since Renters’ Rights Act, claims Chestertons #2
Summary
Chestertons says landlords have begun increasing initial asking rents in response to the Renters’ Rights Act, with more than a third reportedly lifting prices in the early months after the legislation. The firm also reports that tenants are comparing more properties and that demand in London remains resilient despite the change in market behaviour.
Why it matters
The article highlights an early behavioural response to rental reform that may affect how surveyors and lettings professionals assess market evidence and advise on achievable rents. It also suggests a shift in tenant search patterns and pricing strategy that could influence local rental comparables and demand analysis.
Key points
- Chestertons reports a rise in landlords increasing initial asking rents after the Renters’ Rights Act.
- The firm says landlords are seeking leeway because offers above the asking rent are no longer permitted.
- Portal enquiries are outpacing tenant applications by a wider margin than in the previous six months.
- Tenants are reportedly shopping around more and taking longer to compare properties.
- Well-presented properties are still letting quickly, with demand said to remain strong in London.
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