Tenants in privately rented homes in Yorkshire and the Humber are paying 1.9% more, on average, than 12 months ago, according to the Office for National Statistics.
The figure is higher than the national average, a 1.3% rise in the 12 months to July, and shows the market is working well in York at a time when demand for private properties is outstripping supply.
Letters Managing Director Anya Mathewson said: “The slight rise in rents is good news for landlords as it reflects a consistently high demand for good rental properties, and also good news for tenants as the increase is still below inflation rate, which was 2% in July.
“York has a consistently buoyant rental market and there will always be a demand for good quality properties managed by responsible landlords and agencies. We are always happy to give advice to anyone considering becoming a landlord and weighing up the pros and cons.”
David Smith, Policy Director for the Residential Landlords Association, said today’s figures show that suggestions for the introduction of rent controls linked to inflation would leave tenants worse off as rents would rise faster than they currently are.
“Positive pro-growth measures needed”
He added: “Welcome though today’s news is, rising demand for and falling supply of homes for private rent risks considerable increases in rents which will only hurt tenants. It is vital that the Government stops blaming landlords for the housing crisis and introduces positive, pro-growth measures, to support the majority of landlords who do a good job in providing the homes to rent the country desperately needs. All the talk of longer tenancies will mean nothing if the homes to rent are not there in the first place.”
According to the latest figures from the Royal Institution of Chartered Surveyors, a fall in the supply of private rented housing whilst demand from prospective tenants increases is “likely to squeeze rents higher.” Tenant demand has picked up despite the Government’s efforts to boost home ownership.
Contact us for expert advice on any aspect of the York rental market and we’ll be happy to help.