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Read moreTenants seeking ‘all bills included’ agreements and longer tenancies
Tenants facing rising costs are opting to stay longer in their existing homes, but those who are looking to rent are increasingly seeking properties where bills are included in the rental.
Research from the property website Rightmove shows:
- Just one in five tenants stay for a year or less with most tenancies lasting over two years (63 per cent)
- 18 per cent of landlords have seen an increase in the average length of time a tenant is staying in their property
- Rents are rising at the fastest pace ever recorded, up 11 per cent year-on-year to a record £1,088 per calendar month outside London.
Rightmove’s Quarterly Rental Tracker says demand for properties with bills included has jumped, driven largely by the steep increase in household fuel bills.
Demand was high for build-to-rent homes with bills included, with inquiries rising by 36 per cent over the past year, and more were seeking properties with balconies, communal gardens, properties allowing pets and those offering zero deposits.
The report showed there are also more than triple the number of tenants inquiring as there are rental properties available.
Some good news for tenants
The average monthly rent across the UK, excluding London, hit a record figure of £1,088 for the first three months of the year. Rightmove says this is an 11 per cent increase and compares to a 14 per cent rise to £2,195 in London.
There was some good news for some tenants, with nearly two-thirds (63 per cent) of landlords keeping rents the same for their tenants over the past year.
Tim Bannister, Rightmove’s Director of Property Data, said: “A shortage of rental homes and strong demand for the properties available has led to a greater number of tenants choosing to renew their leases and stay put, rather than re-enter a competitive rental market.”
Many landlords holding off on rent rises
He continued: “People who had been waiting to see what happened last year are now being faced with record rents and so are seeking out properties, where they can have more certainty over their outgoings, with all bills, included becoming increasingly sought after.
“Landlords may have been tempted to put their rents up given the high demand from new tenants, but many understand the affordability challenges of rising rents and bills, as our study shows that the majority are charging their tenants the same as a year ago.”
For help and advice on matters relating to the residential property sector, contact our expert team today.
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