The private rental sector is always evolving, and knowing what lies ahead is important for both landlords and renters. That’s why we’ve pulled together this article sharing Landlord Perspectives for 2024. This year promises to be an interesting time for the UK rental market. Landlords are sharing their plans and worries for the year, based on insights from a recent study by Dataloft.
Rent Trends
Recently, tenants have dealt with significant rent hikes, but 2024 might bring some relief. Only a quarter of landlords (24%) are thinking of increasing their rents. The majority (68%) plan to keep rents the same, and a small number (8%) are even considering lowering them.
After a period where average rents have gone up by £135 per month since late 2022, and even more drastically by £450 per month compared to the same time in 2019, these trends could ease the financial pressure on tenants.
Focus on Keeping Tenants
In the face of financial ups and downs, landlords see the importance of stable, long-term rental relationships. Keeping good tenants is now a priority, which is likely why most are not planning to raise rents. This approach indicates that landlords understand the value of maintaining positive relations with tenants for a successful rental business.
Challenges Landlords Expect
Landlords foresee several issues that may affect the sector. They are worried about the costs of property maintenance, including repairs and upkeep, which are increasing due to inflation, and higher prices for materials and labour.
Changes in laws are another big concern. Landlords need to be flexible and well-informed to handle new rules and regulations to ensure they follow the law and protect their investments.
Investing for the Long Haul
Despite the hurdles, the private rental market is still a crucial aspect of housing, and landlords are planning for the future. Property remains a strong investment, and with the right approach, it can offer steady returns. By investing in their properties and tenant relationships, landlords aim to ensure ongoing success.
As the rental landscape shifts, it’s increasingly important to stay knowledgeable and ready for changes. Whether you’re a landlord wanting to know the best strategies for 2024, or a tenant looking for a fair rental deal, we are ready to assist. Reach out for specialized guidance and support for your situation. Let’s work together to make 2024 a year of rewarding partnerships and prosperous investments in the rental market.
Note: This article mentions research done by Dataloft, along with Zero Deposit and TwentyCi.