Fall in the price of renting

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Fall in the price of renting

Officials have released a document that shows due to the increase of rental properties emerging onto the market, the cost of renting has actually been falling. The increase of properties onto the market comes about as a growing number of homeowners have not sold their properties or have decided against selling until house prices go back up again.
Tenants are becoming more demanding as the market moves in their favour and landlords are now less likely to receive the increase in rents that they might have achieved. Despite falling rents and increased competition, we do not expect investors to abandon the market.
Another said that many homeowners had been deciding to put their properties up for rent recently, and this had caused the surge in rental property numbers on the market. He said: “Many homeowners, worried about losing their jobs and struggling with debts accrued during the good years, are renting their properties and downsizing or moving to less expensive areas to hedge their bets.”
According to one lettings official: “The rental market is a localised beast and it’s important to understand that in some areas rents will have fallen by less, by more or even not at all.”

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