The report from ARLA also stated that the demand from prospective tenants also increased in January, with the number of house-hunters registered per branch rising to 73 on average, compared to 50 in December.
Landlords have also seen their costs have increased in recent times due to a series of changes in legislation and government law within the industry, which has seen some landlords sell their rental properties.
David Cox, Chief Executive of ARLA commented;
“This month’s results are another huge blow for tenants. With demand increasing by 46 per cent from December, and rents starting to rise in response to all of the cost increases landlords have experienced over the last few years, tenants are in for a rough ride. Last month, there were three landlords selling their buy to let (BTL) properties per branch, and as landlords continue to exit the market, rent prices will only continue to rise.
“With the Tenant Fees Act passing its final hurdle in the House of Commons and receiving Royal Assent this month, tenants will continue bearing the brunt, as agents and landlords start preparing for a post-tenant fees world.
What does this mean for investors?
The industry has faced some challenges in recent times, however providing you are given the correct expert advice and guidance throughout these changes, investing in property can still provide you with fantastic returns on your investment.
There is a short supply and high demand for rental properties of all types all across Nottinghamshire, so there is a great opportunity for investors to choose this region to start building or adding to their property portfolio.
As we want to encourage investors to take advantage of this property supply shortage, we can offer any potential investors a one to one meeting so we can answer any queries you may have, you can arrange this by calling 0115 7043163.