Rightmove have released their latest data which shows asking rents in Britain are now rising at their fastest ever rate.
The average asking rent in the UK has risen 9.9% per calendar month (outside of London) – the highest jump on Rightmove’s records. Regionally, Wales leads the way with 12.7% rise in average asking rents in the last 12 months.
This now means that in all but three regions (the East Midlands, South West and South East), rents are outpacing house price increases.
And that’s not surprising as the rapid growth is still being driven by high tenant demand and low property stock levels.
Further Increases Expected
Rightmove also reports that competition between tenants for the rental properties available has nearly doubled compared to the same period last year.
There’s been a 32% increase in demand in the last 12 months, while the number of available rental properties is 51% lower.
Tim Bannister, Rightmove’s Director of Property Data, comments “Tenant demand continues to be really high entering the new year, meaning the imbalance between supply and demand is set to continue until more choice comes onto the market for tenants, which has led to our prediction of a further five per cent increase in average asking rents in 2022.
Swansea’s Rental Stats
Landlords are feeling pressured to sell with legislation coming at them from all angles – Section 24 tax, Renting Homes Act restrictions, and temptingly high house sale prices. But with demand for (high quality) rental housing at an all-time high and rents rising faster than house prices, now is an ideal time for landlords in Swansea to review their property’s rental potential and protect their assets with rent guarantee insurances.
Rents are still rising here in Swansea; the average asking rent this month is £1,054pcm, up 2.03% from last month. The largest increases (excluding flats with 4 or 5 bedrooms as these are likely to be student lets) are in the rents for 2 bedroom houses (up 12.96% from last month) and 3 bedroom flats (up 18.81% from last month).
Though stock levels as a whole have increased 1.27% this month, they are generally still at a very low level. There are currently 640 properties available in Swansea, whereas in January 2020 there were 1,539.
Source: Letting Agent Today