Thousands of landlords that purchased buy-to-let rental properties are now experiencing falling monthly rent. Whilst this means lower housing costs for tenants, rental yields for landlords are falling at the very time that income streams from alternative savings and investments are also plummeting. What can this fall in monthly rent be attributed to?
Increase in Rental Properties Hasn't Offset Falls in the Cost of Renting a House
Falling house prices and general uncertainty have deterred many potential first-time buyers from investing in property. This has increased the demand for rental properties, but an influx of new landlords, particularly in the Manchester area, is causing monthly rental yields to fall.
Whilst FindaProperty.com has experienced a 22% increase in new business, this isn't sufficient to offset the increase in rental properties available. This has meant that the average amount of time it takes to rent a house has increased by 27% to 70 days during the last 12 months.
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