Tenants Offering Above Asking Rental Price

 

The team at Quealy & Co in Sittingbourne have discovered that the continued lack of suitable rental properties in Kent and across the UK means tenants are offering above the asking rent price.

The demand supply imbalance in the rental market remains, with 17% of agents reporting that renters often offer above the asking rent, while 44% said that they sometimes do.

The average UK rent is £1,279, up 8.9% annually, but there has been a monthly fall of 0.3%, indicating a seasonal cooling in demand after a busy summer into autumn period.

Rents fell slightly in all regions, although the East of England, Midlands, South West and Wales still showed increases.

Although demand in the rental market is typically lower in winter, competition remains very strong.

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Reasons for renting – the flexibility factor

According to The Property Academy Renter Survey 2023, over a third of renters rent because they don’t have the deposit to buy a home.

However not everyone wants to buy. A substantial 27% of renters were renting out of choice over necessity, with 37% of renters planning to continue renting for 2 years or more.

Perks of renting include the flexibility (6%), the ability to have a higher standard of living and access to amenities (2%) and to work remotely (2%).

In the over 65s age group, home maintenance being taken care of is a big draw, with 6% citing this as their main reason for renting.

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Do you have a property to rent in Kent?

Whether you are thinking of becoming a residential landlord or are a seasoned investor with a portfolio, get in touch with the Lettings and Property Management team at Quealy & Co. We can advise you on how to achieve the best possible price for your rental property, while helping you to maintain compliance and keep your tenants comfortable.

Call us 01795 429836 or email hello@quealy.co.uk to chat with a member of our friendly and experienced team about anything to do with your rental property.  

Source: Dataloft, Property Academy Renter Survey 2023, Dataloft Poll of Subscribers (October 2023), HomeLet (November 2023)