Editor's note: This brief was summarised by The Property AI Team from a report by Letting Agent Today. Read the original article for full details.
Half of Landlords Are Not Increasing Rents, TDS Survey Finds
An increasing share of landlords are choosing not to increase rents, despite the introduction of the Renters' Rights Act, opting instead to retain their tenants. A survey of more than 2,000 private landlords in England, conducted by the TDS Charitable Foundation, found that half (50%) had not changed the rent they were charging during the last 12 months.
That compares to four in ten (39%) last year, according to the findings reported by Letting Agent Today.
Landlords Aware of Cost-of-Living Pressures
The report indicates that landlords are keeping rents unchanged in order to retain their tenants, aware of the cost-of-living pressures they face.
Larger Landlords Most Likely to Raise Rents
The article also notes that it is the larger landlords who are most likely to increase rents. No further detail on the breakdown by portfolio size was included in the source material.
What This Means for Letting Agents and Inventory Clerks
The findings suggest that a significant and growing proportion of tenancies may see no rent adjustment at renewal, which is relevant to letting agents handling rent reviews and renewals. For inventory clerks, sustained tenancies of this kind may mean fewer changeover inventories and more mid-tenancy or check-out work as existing tenants stay in place.
Source: Letting Agent Today