If you too are one of the members from the bandwagon of people looking for a new home to rent, then the recent news from the Association of Residential Rental Agents (ARLA) would not take you by surprise.
ARLA recently conducted their periodical research on housing trends and statistics in the property sector. After conducting the research, ARLA found that there has been a gradual increase in the number of people looking out for flats to rent in Manchester. Manchester has particularly seen a rise in the number of such people who are on a hunt for a rental house.
The association specifically asked its members, all of whom are property letting agents, about the demand for UK properties for rent and found out that during the past three months, 74 per cent of them had more prospective tenants than homes to be rented.
The association had conducted a similar research two years ago asking the same questions to people, but back then it had found that only 10 per cent of the letting agents faced an over-supply of such prospective tenants.
All of these findings suggest that there is a clear shortage of homes to buy in UK. Due to this shortage, many people facing the crunch for space are turning to rental homes as a more flexible option than purchasing.
The research also highlights that the dearth of properties is just as real for the private rental sector and is barely showing any signs of improvement.
With these facts pointing out the core problem of shortage of accommodations, there is one thing to be sure of: the rental market is going through a crazy period at the moment and ARLA’s findings tally with the property sector’s own research into the issue at hand.
At present, the only thing that can be commented upon is a fact that although the number of homes available for renting has recently risen slightly, the demand is still exceeding the supply. Therefore, rents for the same properties are rising quickly and going far beyond the reach of the common man.
At present, it pretty much seems like the trend of rental accommodations falling short of the needs of people looking to rent will continue. As more of first-time buyers find themselves renting for longer periods while they pursue trying to save for the deposit to buy a house of their own, rental prices will continue to rise as competition grows more intense.
Looking at the positive side, the strong yields are tempting more buy-to-let investors back into the market, which is why the demand for rented properties is on the rise.
Another reason that is supporting the trend and making it certain that it will continue for a while longer is the market situation. Having a rental property seems to be a much better investment at the moment. At the same time, it offers the comfort and convenience that owning a home cannot assure.
For people who are looking to rent a home in such a time, it would take a lot of hard work to find the place that suits their requirements. It is suggested that they invest sufficient time into home searching in order to get the best deal, and take professional assistance if required.
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