Letting agents told good properties renting quickly
News Category: Industry News
Published: 24-Aug-2010
This article was brought to you by Rentman the premium property management system.
Letting agents have been informed that good properties are currently being rented out quickly due to a lack of available supply on the market.
According to Mark Garner, director and founder of online landlord community LettingZone, there are around the same number of people looking for rented accommodation in the private sector compared with a year ago.
However, he noted that there are between 25 and 50 per cent fewer available properties for people to rent out from a letting agent.
"Landlords can probably easily achieve another three to five per cent on the rent level of a year ago," he said.
"Most existing tenants are staying put to save money and wait for house prices to reduce further."
His comments come after the FindaProperty rental index for the second quarter of the year found that the average rent charged to a tenant is on the rise.
It is now around £839 each month, up from £820 a month in March 2010, which represents an increase of more than two per cent.
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