Is this a good sign for landlords or rents?
According the Association of Residential Letting Agents (ARLA), an article in Landlord Today, (Sept 26th), shows that tenants looking to rent will face fierce competition for privately rented residential property as demand among tenants’ increases and supply contracts,
ARLA’s third quarterly report found that over a third (68%) of agents reported more would-be tenants than properties available. The report states that the number of landlords investing in Buy to Let properties decreased, landlords selling properties has also increased, with demand for properties in the rental sector rising significantly. Where this will all end is anybody’s guess. Indications are that rents will go up as the tenants face more and more competition for a decreasing stock of available rental properties.
There are still some good opportunities for Buy to Let investors, in my opinion. Locally, rents are starting to increase after several years of stagnation. With supply decreasing, properties generally do not sit vacant for very long either.
If you have already done a search for a property, or are trying to figure out where to start, we’re happy to advise on properties before you buy, whether you are a Belvoir landlord or not.
For more information, please contact Jackie in Bangor, (028 91 477 999), or Trevor in Newtownards, (028 91 821 999).