The demand for private rental properties has sky-rocketed across England and Wales according to a new survey of private landlords, showing that now is the ideal time to consider renting out a property.
Figures have increased after the COVID pandemic, which previously saw many areas of the country’s private rental market struggle.
Research from the National Residential Landlords Association has found that 57% of landlords confirmed that demand for homes to rent has increased, whereas just 14% of landlords reported an increase in demand at the onset of the pandemic in 2020.
Landlords operating in London have seen a significant rise in demand for rental housing, post-pandemic, as workers begin to return to the city – showing strong signs of a recovering market.
Landlords operating in outer London reported a 68% surge in demand, up from 16% in 2020.
In other regions, landlords operating in the South West reported the highest demand for rental property with 79%, followed by 74% in the South East, 73% in Wales, and 71% in the West Midlands.
Ben Beadle, Chief Executive of the NRLA highlighted the importance of supporting responsible landlords to provide the homes we vitally need, adding: “Without this, it will ultimately be tenants that suffer as a result of less choice, higher rents, and the resulting difficulties they will encounter when looking to become homeowners.”
This comes after the Royal Institution of Chartered Surveyors raised concerns of a “mismatch between supply and demand,” which could ultimately see an increase in rent prices.
Are you thinking about letting out a property over the festive season or in the new year? Book a valuation with us today.