Only a quarter (24%) of landlords intend to increase rents in 2024, according to research by Zero Deposit.
A survey of 1,042 landlords across England and Wales found that at present, the majority (89%) have between one and three properties within their buy-to-let portfolio.
While a quarter are looking to raise rents, 68% said they would maintain them at current levels, while 8% intend to reduce them.
Sam Reynolds, CEO of Zero Deposit, commented: “Landlords electing to not increase rents, despite a vast number of reasons to do so, speaks to an understanding of their tenant’s financial constraints.
“In many cases, and in my experience, this underlines the impact of a positive relationship between landlords and tenants.”
When asked for their perceptions of the rental market for the year ahead, 21% of the landlords surveyed said they were optimistic, 24% were pessimistic but the majority (55%) remained neutral.
Regarding the biggest challenges for 2024, the cost of maintaining, repairing and running properties ranked top, followed by legislative changes.
Finding and retaining good quality tenants also ranked high, along with higher interest rates for buy-to-let mortgages.
Comments (4)
Rents should be regulated, to affordability.
Don’t worry – IF your mate Starmer gets in, rents will be more than regulated to affordability. You may find rent tribunals with the power to reduce rents substantially, perhaps to LHA rates and you will then have to take tenants on benefits.
Rents are going up for me, I find that when you hold them this is the expectation next year, so even a £10 increase keeps tenants aware that once a year the rent will increase. Between tenants they go back to market rent, during tenancys they only increase a smidge.
Sam Reynolds spouting rubbish again. Rents will increase in 2024.