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Demand drives record high rentals

Demand is continuing to drive the rental market and set property rental values. This year landlords have been pleasantly surprised by the continued buoyancy as rents are rising at the fastest annual rate in 16 years.

While this is a national average reported by Rightmove, here at Balfours serving the Midlands, average rents are up more than 10% and now sit very close to an average of £1,000 per calendar month. Rental stock is 25% lower than last year, add to this demand up by 6% and it is not difficult to see the gap.

Balfours’ Jackie Monro reflects: “The fact is we continue to have more prospective tenants on our books, than we have properties available to rent. It is easy to let a property at a satisfactory level, but what concerns me is can the new tenant afford the rent, especially as the energy bills ratchet up this winter.”

“It is so important to put all checks in place and follow up references – and as agents that is what we are here to do. By using a reputable agent to let your property, landlords will have the peace of mind that not only is the tenant paying a good rent, but that they can afford it too,” Jackie adds.

6 BVG Main

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