Rental market update: rents for new lets rise £1,300 in one year 🚀
#CAVENDISHEXPERTS! The logical choice for Lettings, Sales and Property Management in Nottingham | Cavendish Residential | One Fletcher Gate NG1 1QS | 0115 941 0656 | www.cavendishproperty.co.uk
🔑 Key findings from Zoopla:
Demand for rental properties is currently running at +27% above the 5-year average...
🔸Over the last year, the average rent for a new let increased by 10.1% to stand at £1,166 per month
🔸That means the average annual rental bill is nearly £1,300 higher than it was a year ago
🔸Standing at almost £14,000, compared to £12,700 last September
🔸This marks the 20th consecutive month of our index reporting rental inflation of over 10%
🔸Renters in their existing homes are seeing much slower increases at +5.7% according to the Office for National Statistics (click here for ONS' full report)
🔸The table below shows the rates at which rents have increased across different regions of the UK:
What’s next for the rental market?...
🔸Zoopla expects rental inflation to remain above +9% for the rest of the year as earnings growth remains strong - and while higher mortgage rates are stopping many renters from moving into home ownership
🔸Anticipating national rental growth of 5-6% in 2024
🔸At Cavendish Residential, we predict rent increases will continue to be higher than the national average
📩 For the full article from Zoopla, click here 📩
If you would like more information on being a Tenant or Landlord, or would like any property related advice... Get in touch with Scott for the best advice (scott.sneath@cavendishproperty.co.uk) 📧
📸 Scott Sneath: Finance and Compliance Director at Cavendish Residential📸
☎📧🗨
For our Daily Property News | Like, Comment and Share | Click here
#CAVENDISHEXPERTS! The logical choice for Lettings, Sales and Property Management in Nottingham | Cavendish Residential | One Fletcher Gate NG1 1QS | 0115 941 0656 | www.cavendishproperty.co.uk
For properties for sale in Nottingham from Cavendish Residential click here
For properties for rent in Nottingham from Cavendish Residential click here
Latest from the BEST ESTATE AGENT in Nottingham 🏆
Latest from the BEST LETTING AGENT in Nottingham 🏆