We have recently carried out our own landlord and tenant survey for 2019. Twelve months ago with my ‘2020 vision’, I suggested that the rental market would continue to grow and, despite the raft of legislative changes to our sector, rents have increased in the Newport area for all property types.
I have looked at rents for properties that we have let in 2018 to compare to those we let in 2019. It’s not an exact science, but interesting to note that rents have increased by 6% on two-bedroom houses, 3% on three beds and a staggering 10% on houses with four-bedrooms or more – we have actually rented considerably more of these latter types of property in 2019 with rents ranging from £1,000 p.c.m to £2,200 p.c.m.
Landlords and tenants fall into all sorts of different categories and as far as landlords are concerned 20% of the properties we let were for clients who had newly bought as a rental investment; this is by far the largest percentage of all our offices which, in part, is as a consequence of the number of new-build homes in the TF10 area! 40% of lets were for landlords who have historically invested in properties and their homes have become available for re-let as their existing tenants have moved on. We found that 7% of landlords had been unable to sell so rented instead, not ideal for tenants who are after security of tenure. 5% of landlords rented out their home as a result of relocating away from Newport.
As far as tenants are concerned the biggest demographic are people who are currently renting, basically moving from one rented property to another, (usually they want to rent a larger house as their family grows), this accounts for 51% of all lets in Newport in 2019. Tenants who have moved from their parents or family home to go into rented makes up 19% of all lets in the area and 14% are people in family break ups who need to rent. Another growing group are people who have sold and gone into rented accommodation to put themselves in a better position to buy in the future, this accounts for 11% of the tenants we let to. Not ideal if you are an investor landlord as they won’t be tenants for long.
Previously young professionals aged 25 to 34 have made up the largest group living in private rented homes. For the first time, this age group renting has now been overtaken by 35 to 49 years-olds. What is clear is that the demand for all age groups renting is growing.
We currently have a good mix of all types of property available to let from one bedroom apartments in the centre of town right up to larger rural properties. If you have a property to rent call our office in Newport on 01952 820239 or pop in to talk to us about what we can do to secure a suitable tenant in the quickest possible time for the maximum rent!
Richard Heath
FARLA, FNAEA
Barbers Lettings
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