Letting agents to 'definitely' see rents rise
News Category: Industry News
Published: 22-Jul-2010
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Letting agents will "definitely" experience an increase in rents over the coming months due to a lack of supply of available properties in the private rented sector.
Mark Garner, managing director at LettingZone, explained that the rules of supply and demand mean that tenants will be forced into paying more in rent to landlords and letting agents in order to secure a home.
"Demand will keep on increasing and unfortunately supply is lagging behind it, so the pressure on rents will go up and [therefore] rents will go up over time, definitely," he added.
However, he noted that some landlords may prefer to keep the same tenant in a house when their contract runs out rather than face the upheaval of increasing rents and potentially searching for a new tenant.
Mr Garner was speaking after FindaProperty.com reported that the average rent increased by more than two per cent between March and June 2010. It now stands at £839 each month.
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