Trend of more tenants in the market with fewer rental properties to continue, RICS says | BusinessNews
Rents will continue to rise as more people enter the rental market with fewer properties to choose from, the professional body for surveyors has said.
Demand for rental properties rose “firmly” over the three months to July, according to research from property professionals, the Royal Institution of Chartered Surveyors (RICS), marking the strongest quarterly pick up in demand since the start of last year.
At the same time, most surveyors said instructions from landlords further declined, resulting in an imbalance of demand and supply.
The majority (63%) of the surveyor respondents to the RICS residential market survey expect rents to go up again in the coming three months.
Such a high percentage expecting an increase is a fresh record high with data going back to 1999.
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Renters are becoming more vulnerable to interest rate rises than mortgage holders
Tenant demand limited already reached a five-month high amid a “frenzied” lettings market back in April.
Rents are now reaching an affordability “tipping point” with no sign of them reducing any time soon, one respondent said.
Analysis from Sky News showed renters are now in the majority in the UK, with