Renters Rights Act and lower migration are changing lettings market
Summary
London asking rents are rising strongly even as tenant enquiries per available property have fallen, according to Hello Neighbour. The agency links the shift to reduced net migration and to the Renters Rights Act, which it says is encouraging landlords and agents to set higher initial rents and making mid-tenancy rent increases more complex.
Why it matters
Changes in rental demand and pricing affect valuation assumptions, rental evidence and market commentary for residential surveyors. The reported impact of the Renters Rights Act also has implications for lettings practice and compliance advice.
Key points
- Asking rents in London are up 8.7% year on year.
- Average enquiries per available property fell to 34 in July from 43 in June.
- Hello Neighbour says reduced net migration is easing demand.
- The agency says the Renters Rights Act is encouraging higher initial asking rents.
- A widening gap is reported between advertised and achieved rents.
Organisations:
Hello Neighbour, Renters Rights Act
Regulations:
Renters Rights Act
Locations:
London
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