Editor's note: This brief was summarised by The Property AI Newsroom from a report by The Negotiator. Read the original article for full details.

Chestertons Reports Rent Increases Following Renters’ Rights Act

Chestertons claims that more than a third of landlords have raised their asking rents in the months following the introduction of the Renters’ Rights Act. The estate agent’s latest quarterly report highlights changes in landlord and tenant behaviour since the new legislation came into effect.

According to Chestertons, landlords have started to increase the initial marketing price of their properties. The report suggests that this is partly in response to rules under the Renters’ Rights Act that ban accepting offers above the asking rent. Chestertons’ research found a 36% annual increase in landlords lifting their initial prices to test the market.

The agency notes that as a result of these changes, prospective tenants are shopping around more. Portal enquiries now outnumber tenant applications by 1.99 times, compared to an average of 1.61 times in the previous six months. This indicates that tenants are sending more enquiries and comparing more properties before making decisions.

Chestertons states that demand across London remains resilient, with high levels of enquiries showing continued interest from tenants. The agency also observes that tenants are taking more time to compare properties and make informed choices, leading to a more considered search process.

For landlords, Chestertons highlights the importance of setting the right asking price from the outset to attract strong interest. The agency reports that well-presented properties continue to let quickly, and that the market is adjusting to the new legislation, with demand still outweighing supply in many parts of London.