The decreasing number of rental homes in the market
The decreasing number of rental homes in the market is a cause for concern for renters.
In 2019, pre-pandemic, Britain’s rental market had 225,000 homes listed for rent. Recently, the market has had 134,000 homes listed for rent.
This is a drop of 91,000 homes, or 40%, in three years.
Sales and marketing director at Ocasa, Jack Godby, commented: “As always, the vast majority of public attention has been given to the sales market since the start of the pandemic as soaring house prices and manic demand have stolen headlines week after week. Furthermore, focus on the housing crisis and shortage of affordable homes has been a subject of hot debate and endless political promises. But something hugely significant has also been happening in the rental market while going largely unreported. Stock is dwindling. A 40% nationwide decline in available rental homes in just three years is remarkable and more than a little concerning.”
What this could mean for renters
The decrease in rental homes could mean that renters will have to compete for properties, which could lead to higher rents and longer search times. Additionally, this could also lead to an increase in demand for other types of housing, such as apartments or condominiums.
How to secure a rental property in today's market
If you are looking for a rental property, it is important to act fast when you find something that you like. Make sure to have all your documentation in order, such as your credit score and references from previous landlords. You will also need to be prepared to put down a deposit, usually equal to one month's rent.
The benefits of renting over buying a home
There are several benefits of renting over buying a home. For one, renting generally requires less money up front than buying a home does. Additionally, renters have more flexibility than homeowners when it comes to moving locations. Finally, renters are not responsible for maintenance and repairs like homeowners are.
Renting a home has become increasingly competitive in recent years due to the decrease in available rentals on the market. This could lead to higher rents and longer search times for tenants. If you are looking for a rental property, it is important to act fast when you find something that you like and be prepared with all your documentation in order. There are several benefits of renting over buying a home, such as less money up front, more flexibility when it comes to moving locations, and no responsibility for maintenance or repairs.
Contact Holmes Estates for all your South West London housing needs in 2022
We have considerable experience and expertise in the South West of London. We are ideally placed to help vendors, tenants and landlords during this challenging time. If you have any questions regarding the South West London property market, please get in touch with Holmes Estates today.