The decreasing number of rental homes in the market has been a cause for concern for many renters. With the decrease in availability, renters are feeling the pressure to find a property quickly before the prices rise. In some cases, landlords are able to charge more rent because of the lack of options in the market.
Pre-pandemic, there were more rental homes listed on the market. In 2019, a total of 225,000 homes were listed in the British rental market. The most recent review sees 134,000 rental properties listed. This is a fall of 40% in three years, equating to 91,000 properties.
Sales and marketing director at Ocasa, Jack Godby, commented: “As always, the vast majority of public attention has been given to the sales market since the start of the pandemic as soaring house prices and manic demand have stolen headlines week after week. Furthermore, focus on the housing crisis and shortage of affordable homes has been a subject of hot debate and endless political promises. But something hugely significant has also been happening in the rental market while going largely unreported. Stock is dwindling. A 40% nationwide decline in available rental homes in just three years is remarkable and more than a little concerning.”
The decreasing number of rental homes in the market
The most recent census data shows that the number of rental homes has decreased by 7%. This is due to the fact that many homeowners are choosing to stayed put and are not putting their properties up for rent. The decrease in rental properties has caused rents to rise by 3%.
What this could mean for renters
For many renters, this is bad news. With prices on the rise, it may be difficult to find an affordable place to live. In addition, with fewer options on the market, it may be harder to find a place that meets all of your needs.
How to secure a rental property in today's market
If you're looking for a rental property, there are a few things you can do to increase your chances of securing a place. First, start your search early and be prepared to move quickly when you find a place you like. Second, be flexible on your must-haves and be willing to compromise on things like location or amenities. Finally, be sure to have all of your documents in order so you can move quickly when you find a place.
The benefits of renting over buying a home
There are some benefits to renting over buying a home. For one, you'll have more flexibility and can move more easily if your circumstances change. Additionally, you'll likely have lower monthly payments since you won't be responsible for things like property taxes and insurance. Finally, you won't have any maintenance costs if something breaks since that will be the responsibility of your landlord.
The falling supply of rental homes has led to higher prices and increased competition among renters. If you're looking for a rental property, it's important to start your search early and be prepared to move quickly when you find a place you like. Additionally, be flexible on your must-haves and be willing to compromise on things like location or amenities
If you’re a landlord, the message is clear. There is huge demand for rental property, especially in London. To capitalise on this demand, come and speak with David Harris & Co, letting specialists who bring tenants and landlords together.
Contact David Harris & Co to let in Finchley
We have assisted many Finchley landlords connect with tenants, and we know where these groups are looking for rental property. You can take the stress out of connecting with your ideal tenant by turning to a local letting specialist in Finchley.
If you want to make an informed decision in and around Finchley’s letting market, we are here for you. If you have any questions about the local market, or you need assistance, please contact David Harris & Co today. Call us on 0208 346 9122.
