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Tenant Demand
The demand for rental property continues to grow, possibly because consumers do not want to obtain a mortgage and risk needing debt management in the future.
According to Paragon, 29 per cent of landlords had experienced an increase in demand for rented properties during the second quarter, while ten per cent said they had witnessed a decline.
More than a third of landlords (35 per cent) expect demand to be higher in 12 months time while eight per cent predict a drop, the mortgage specialists found.
Nigel Terrington, chief executive of Paragon, said: “Tenant demand has been rising consistently for two years and shows no signs of slowing down.
“Would-be home buyers continue to be unwilling or unable to step onto the property ladder.”
Would-be home buyers may be reluctant to get onto the property ladder as they may not want to risk needing a debt management plan in the future if they fail to repay their mortgage.
Moneysupermarket.com recently urged landlords to take out landlord insurance to protect them against rental arrears.
Last year one in three landlords had tenants who could no longer avoid to pay their rent, the website found.
Source: Paragon
This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. Tenant Demand For Rental Property Growing is brought to you by SimplifyEm Pay Rent Online and Property Management SoftwareYou might also want to read:
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