UK News City rents rise as tenants return after moving out to be with family

12:01  14 october  2021
12:01  14 october  2021 Source:   dailymail.co.uk

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Tenants are returning to the city centre, with rental growth fuelled by the increased demand as well as limited stock. VIEW COMMENTS. “A year of various lockdowns saw many city centres hit with either a complete standstill in rental growth or falls of over ten per cent, as tenants moved further out or back in with family temporarily,” says Tim Bannister.

I will be out of my apartment at the end of this month and the property management company that just took over last month sent a letter stating i need to drop the keys off at their office. In all my years of renting i never The place is not drastically far away but far enough to be an inconvenience to me. I feel like just doing what i normally do and just leave the keys in the apartment they have keys obviously.

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Tenants are returning to city centres after temporarily moving out, new research suggests.

The combination of this higher demand, along with lower stock, has led to an increase in rental prices in many city centres, according to Rightmove.

While suburban and rural areas remain more in demand among tenants, this is likely to change as more boomerang back to busier locations, the property website claims.

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It said that rents in some city centres have not only bounced back from the declines recorded during the year since the pandemic started, but they have now hit double digit growth and are outpacing the national average.

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Now, as people move out on their own again or return to cities and office jobs, and as existing renters find they can’t afford to buy a home in a booming housing market, demand for apartments and single- family rentals is rebounding — and even looking hot in some places. Rents last month rose 7 percent nationally from a year earlier, Zillow data shows. While that was measured against a weak June 2020, the gain was also a robust 1.8 percent from May. “ After a year, jobs are coming back strongly, and this is recreating the housing demand for rental units and occupancy is rising ,” said Lawrence

Now, national rents are rising and so are the fortunes of landlords. Once again, I find myself conflicted as a mom- and-pop landlord who wants to provide the best source of housing for my tenants . At the same time, I also want to do the best I can to provide for my family . To do so requires optimizing rental income to Fundrise is targeting lower-cost areas that are seeing improving demographic trends with rising rents . Another great platform for accredited investors is CrowdStreet. CrowdStreet focuses most on individual deals in 18-hour cities where valuations are lower and growth rates tend to be higher.

Across Britain, rents are rising at the fastest rate ever recorded by Rightmove, up 8.6 per cent annually outside London.

The capital is also beginning to show signs of growth, with rents up by 2.7 per cent on a year ago.

City centres

In Birmingham, rents fell by 5 per cent between February 2020 and February 2021.

But by September this year, the increased demand helped them to grow to 10 per cent higher than pre-pandemic levels.

It is a similar picture in Nottingham where rents fell 2 per cent, and have now grown to 11 per cent higher than before the pandemic.

Edinburgh has seen rents grow by £100 since February of this year, but they still trail by 5 per cent when compared with February 2020.

City centre Average asking rent Feb-20 (pre pandemic)


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While tenants in rent regulated or government subsidized apartments have special rights, many rules and laws apply to both unregulated and regulated apartments. To find out whether an apartment is regulated, contact the New York State Divi-sion of Housing and Community Renewal. In order for an apartment to be under rent control, the tenant or the tenant ’s lawful successor (such as a family member, spouse, or adult lifetime partner) must have been living there continuously since before July 1, 1971.


Average asking rent Sep-21 Change Sep-21 vs Feb 2020 Increase in tenant demand versus Sep-20
Bristol £1,188 0% £1,331 12% 22%
Nottingham £901 -2% £1,005 11% 31%
Glasgow £894 -1% £992 11% 13%
Birmingham £912 -5% £1,007 10% 38%
York £1,013 -5% £1,094 8% 13%
Leeds £836 -5% £888 6% 34%
Oxford £1,617 -3% £1,708 6% 7%
Manchester £1,063 -8% £1,108 4% 36%
Coventry £968 -13% £950 -2% 36%
Edinburgh £1,289 -12% £1,229 -5% 49%
Source: Rightmove

Outside of London

Total rental demand is now up by 39 per cent compared with the same time in 2019, and up by 11 per cent compared with a strong September last year.

This demand has led to properties being snapped up at the quickest rate ever recorded, at 17 days.

The speed and strength of demand in the market has pushed rents up to 8.6 per cent outside London, and they are up more than 10 per cent in the North West, North East, the East Midlands and Wales.

The available stock shortage is most pronounced in suburban and rural areas, which has led to a shift in the make-up of total available properties on Rightmove.

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 toulon: she has to pay the debts of her ex-companion who had assigned her 59 knife stings The mother's mother is obliged to pay her 32,000 euros from rents © Durand Florence / Sipa Toulonnaise must mop up the debts of its ex-spouse. Violence - The mother's mother is obliged to pay her 32,000 euros from rents victim of marital violence and survived an assassination attempt in December 2018, a 44-year-old Toulonnaise must reimburse Debts contracted by its ex-violent spouse. The mother of family "helpless and angry" confided to France Bleue Provence on his situation.

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Renting from disinterested private equity giants such as BlackRock, the world’s largest asset manager, and Vanguard, its privately owned counterpart, is putting oneself at the mercy of a faceless slumlord with vanishingly little financial interest in fixing what’s broken in any given apartment they own. Blackstone subsidiary Invitation Homes was buying entire neighborhoods at a clip just a few years after the 2008 mortgage crisis sent homeownership into a death spiral. Helping that death spiral along, it treated its new tenants with all the warmth and benevolence of a hungry saber-toothed tiger.

Of all the available rental properties on Rightmove, 64 per cent of them are now in urban locations, a jump up from 48 per cent pre-pandemic.

The proportion of available properties that are in the suburbs has dropped from 46 per cent to 33 per cent, while rural areas have declined from 6 per cent to 3 per cent.

Proportion of all available rental stock August 2021 Proportion of all available rental stock Feb 2020
Rural 3% 6%
Suburban 33% 46%
Urban 64% 48%
Source: Rightmove

Larger flats

Tenants looking to move are seeking out bigger flats, leading to the hottest competition for three and four-bedroom flats. Competition for a four-bedroom flat is up by 131 per cent, and up by 124 per cent for a three-bedroom flat.

Competition within the flats market overall is up 95 per cent on average than in September 2020, compared with a 37 per cent increase for houses.

Rightmove's Tim Bannister said: 'A year of various lockdowns saw many city centres hit with either a complete standstill in rental growth, or falls of more than 10 per cent in some cases, as tenants moved further out or back in with family temporarily.

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'But as society opened up again cities have not only bounced back but are now seeing strong rental growth, fuelled by increased tenant demand and limited available stock.

'It's still easier to secure a place in a city centre than in some of the hottest suburban and rural rental markets right now, but as more tenants boomerang back to busier locations this is likely to change.'

Regional Price Q3 2021 QoQ YoY
East Midlands £925 3.8% 10.3%
East of England £1,289 4.0% 8.4%
London £2,019 3.6% 2.7%
North East £699 3.6% 6.7%
North West £899 5.3% 10.0%
Scotland £805 3.2% 4.3%
South East £1,489 3.6% 8.5%
South West £1,154 4.9% 10.1%
Wales £846 5.2% 11.7%
West Midlands £918 2.6% 6.9%
Yorkshire and The Humber £812 4.1% 8.0%
Source: Rightmove

He went on to explain that the shortage of rental properties in the market has led to Rightmove recording the fastest pace of rent rises in a year.

'There are finally green shoots of growth in London's rental market, with the first annual rise since before the pandemic started,' he said.

'Demand is notably up in London compared with this time last year, another sign that people are reconsidering where they want to live.'

Meanwhile, The Deposit Protection Scheme published its rental data showing that the average rent in Britain increased by £14 - or 1.74 per cent - from £804 to £818 during the three months from July to September.

The scheme's Matt Trevett said: 'Despite the roll-out of the coronavirus vaccination programme and the lifting of lockdowns, it seems that tenants are still prioritising more living space and are willing to pay for it.'

But he added: 'The last quarter's rent increases across all property types and most regions suggests a strong return of demand from tenants as employees start to go back into offices and students attend University in person this academic year.'

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