Predictions for the 2024 Rental Market…

- Wed 07 Feb 2024

Rightmove, the popular property website, has unveiled its rental market predictions for 2024, shedding light on key trends expected to shape the landscape. According to their analysis, rental properties are forecasted to increase by 5% outside of London and 3% within the capital by the year's end.

In 2023, average rental properties soared by 10% outside of London and 6% within the city, driven by various factors including higher buy-to-let mortgage rates. Consequently, landlords faced the challenge of balancing rental prices with mortgage costs, leading to a rise in rental rates.

As affordability becomes increasingly strained, a growing number of tenants are reaching their financial limits, resulting in more landlords reducing rent prices. Christian Balshen, a lettings expert at Rightmove, highlights the importance for landlords to work closely with their local letting agents to help them find the right tenant at the right rent for their local area.

Landlords are preparing for the impact of the Renters' Reform Bill, which is expected to transform the rental sector. While energy efficiency improvements remain a concern, many landlords are delaying these upgrades as the focus shifts towards adapting to impending legislative changes.

Despite improvements in the balance between rental supply and demand, the rental market continues to face pressure due to stretched first-time buyer affordability. With mortgage rates still higher than previous years and deposit saving proving difficult for many, the demand for rental properties is expected to persist.

Chris Baxter, Bradleys Managing Director, commented “The rental market continues at a pace with more tenants than available properties across the region. Landlords are having to consider increased legislation, with many of them choosing a professional Lettings service such as ourselves to ensure they remain compliant. When we speak with each client, we discuss their requirements and focus, and many are keen to secure the best tenant over the highest possible rent. Our advice to tenants seeking a property is to be prepared, complete and provide all the required information and documents at the earliest stage so you prove as attractive as possible to a potential Landlord. With many investment buyers coming back into the market at the start of the year we are hopeful there will be more choice for tenants later in the year.”

If you are interested in letting your property or wish to seek some advice, find your local branch via the link below. At Bradleys, we provide market appraisals that are based upon our extensive knowledge of the local market. So, whilst some agents will often provide an inflated price that might sound appealing, in the long run, this will only serve to slow down the rental of your property.

Find your local branch here