Rental market is becoming 'increasingly competitive'
Increased tenant demand coupled with low levels of rental property coming onto the market is pushing the cost of renting skywards, according to a new survey.
The latest residential letting survey from the Royal Institution of Chartered Surveyors (RICS) revealed that for 42 per cent of respondents, rent was up in the first three months to April 2011.
Rent in some areas had risen to such a level that previously rentable – and more than affordable – properties are now out of reach to many looking for a change.
A total of 33 per cent believed that rent would continue to rise.
James Scott-Lee, spokesman for RICS, said that the rental market was becoming oversubscribed and competitive because many potential homeowners are currently unable to buy a home.
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