Many letting agents at the moment are experiencing a dire shortage of stock, this time two years ago there was I would estimate twice as much stock available.
Due to lack of buoyancy in the sales sector, there is in real terms very restricted choice to tenants, landlords in this market place are in the enviable position of often having more than one offer on the property. Now bearing in mind this is the rental sector not the sales, this is almost unprecedented.
With the squeeze on available property to rent, gives rise to fuelling rent rises, for tenants a rent increase is always going to be unpalatable, but what you have to realise is that the market rent for that property could have potentially risen by 15%.
If your settled into a place, and don’t really want to move negotiate with your Landlord, he sure will incur costs if you choose to move, and no doubt so will you. Negotiation is the order of the day, even on a property of £650 per month you are going to have to pay like £200 plus in agency fees, if you decide to move. Depending on your circumstances, offer to meet the Landlord half way, but be willing to sign a twelve month contract. Not only will you have security the landlord will also.
Avoid the frustration of moving, as you know it takes time and energy and in this current market properties in the really popular areas can be let within a matter of hours.
Whilst for all the first time buyers its can be deemed to be frustrating, that investors are buying up all the reasonably priced property stock, if you look at the positive side of things, it does mean that as more stock begins to enter the market place, it will drive down the rents for tenants as the tide turns against landlords once more.
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