Editor's note: This brief was summarised by The Property AI Team from a report by Property118. Read the original article for full details.
Landlords Raise Asking Rents Amid Surge in Tenant Demand
Landlords are increasing asking rents as tenant demand rises, according to a report highlighted by Property118. The surge in demand follows the passing of the Renters’ Rights Act.
An estate agent cited by Property118 claims that the Renters’ Rights Act has prompted landlords to test the market by raising asking rents. Chestertons’ lettings report for July is referenced as showing a notable increase in tenant demand after the act was passed.
The report suggests that landlords are responding to the stronger rental market by seeing how far they can push asking rents. This development is particularly relevant for UK letting agents and inventory clerks, who may see increased activity and changing rental expectations in the current market.
Source: Property118