Residential Rents Rising

Despite agents reporting that tenant demand stayed pretty much steady towards the end of 2020, the Office for National Statistics reported that there was a 1.4% annual increase in private rents at the end of last year.

Every region across the UK saw an increase in average private rents, and the South West saw the largest annual increase of 2.3%. Greater London saw an increase of 1.1% and the South East saw a more modest increase of just 0.9%.

So what can we expect from the rental market in 2021? Well, it’s expected that rental growth will continue, however London is a likely expectation to this rule where many think rental prices will begin to plateau.  

If you’re a Landlord, or looking to become a Landlord this year then why not speak to your local agent to find out how much your property may rent for each month, or take a look at your local market insight update for news on average rents and tenant trends.

Sources: Dataloft Inform, ONS, RICS.