Lettings chain Fine & Country says rents are likely to steadily rise through the summer.
Nicky Stevenson, managing director of Fine & Country, says this is typical for this time of year as more contracts come up for renewal and students finish exams and begin their property search.
“Prime market average rents have risen to £3,825, up 12.3 per cent year-on-year, a rise in all regions, with the exception of the North East and the South East.
“According to Rightmove, demand continues to outpace supply, with renter demand up 42 per cent on 2019 and the number of properties to rent is down by almost half. Many renters are choosing to extend their contract rather than brave the open market, some with deals of three years or more. Data from Uswitch reveals that over a third of renters would both renew their contract and accept a rent increase if they had a positive relationship with their landlord.”
She says that with the highly anticipated Renters Reform Bill now going through Parliament, agents should not two specific objectives of the measure - to eliminate Section 21 evictions and promote the adoption of periodic tenancies rather than fixed-term ones.
“The aim is to make the private rented sector safer and fairer for renters. Renters will be given two months’ notice for rent increases and the ability to challenge rent rises above the market rate for their home to stop excessive rent increases. Minimum housing standards will be established.
“The bill also includes measures to benefit landlords, such as rights to reclaim possession, and the creation of a new online portal for landlords” Stevenson concludes.