Landlords benefit from rising rents while tenants struggle to secure a home
Landlords benefit from exorbitant rents while tenants struggle to secure housing amid a housing shortage.
Two listed private landlords said high demand and a lack of new homes had caused rents to skyrocket.
And developers are raising prices. Grainger, the UK’s largest listed landlord, is raising rents in “one of the strongest employment markets we have ever seen”.
Rent increases: Two major listed private landlords said high demand and a lack of new homes on the market had caused rents to soar last year
Student landlord Unite, which owns almost 160 properties in 23 university towns, said there was record demand.
Latest research has shown that average rents outside London have reached a new high, rising by 10 per cent to £1,278 per month over the past year.
In the capital, renters are paying a record £2,627 – 12.1 per cent more than a year ago.
The number of inquiries for each property is 25, up from eight before the pandemic. Grainger owns around 10,000 houses.
Capacity utilization was a record-breaking 98.6 percent. The construction of 1,600 new apartments is expected to be completed by the end of 2023, and a further 6,000 are planned.