Residential Rents Rising
In this short article we take a a quick look at the rise in annual rents in August
- ONS reported a 1.5% annual increase in private rents in August. Agents are reporting an increase in tenant demand and positive short-term rent expectations, suggesting that many markets will be insulated from the end of the eviction ban and the furlough scheme.
- All regions saw an increase in private rents. The South West had the biggest annual increase, 2.5%. Scotland had the smallest annual increase, 0.5% (ONS).
- 13.1% of leases are set to expire in Q4 2020. Greater London has the highest proportion of tenancies expiring in Q4 2020, 15.3%. Wales has the lowest, 6.6% (Dataloft Rental Market Analytics).
- 13.1% of leases are set to expire in Q4 2020. Greater London has the highest proportion of tenancies expiring in Q4 2020, 15.3%. Wales has the lowest, 6.6% (Dataloft Rental Market Analytics).
- With increased tenant demand and subdued landlord instructions, +31% of agents expect an increase in rent over the next 3 months (RICS).