According to The Royal Institute of Chartered Surveyors (RICS) monthly survey, the UK rental market across the country is struggling to meet demand, as one agent said that the market in his area was ‘frenzied’ with tenants desperately trying to secure the few available properties.
The demand for rental properties in the UK is causing a ‘frenzied’ market as a surging number of tenants search to secure the few available properties in their areas, with the RICS stating that this is happening across the country as a whole.
As demand continues to outweigh supply, this demand is also expected to increase rents further which are currently averaging at a 4% annual increase, which will no doubt add additional pressure to prospective tenants in the market not only competing with one another for the property, but also competing financially.
The RICS monthly statement reported that the members associated with the institution that reported a growth in demand amongst tenants was at a five-month high in March, with the rental sector struggling to meet demand as it is ‘constrained’ by its lack of homes available for prospective tenants.
“There is no end in sight for a serious shortage of properties to rent.” Andrew Oulsnam, RICS Surveyor‘‘
At Beech Holdings we have experienced the increase in tenant demand first hand. Our in-house Lettings team, Manchester Apartments, have experienced an extreme increase in tenant demand with our portfolio currently rented 31% ahead of this time last year and our portfolio having also grown by 50% in the same time frame. This means that if we had not expanded our portfolio so significantly over the last 12 months, we would already be 87% let for next year.
As tenant demand continues to drive up rents across the country, Zoopla have also reported that Salford has seen the highest rent increases in the last year outside of London while also beating out a large portion of the London boroughs, at 16%.
With demand continuing to rise and Salford rents at an all-time high, we have decided to further expand our residential offering in Salford to provide the modern rental market with what they are searching for in the location they are looking for.
City Co-Living MediaCity is our brand-new residential offering in the heart of Salford providing 120 apartments in a modern co-living building, with on-site amenities such as a media room, rooftop terraces, private bookable dining rooms, a residents’ lounge, bookable meeting pods, co-workspaces, and more.
Providing an assured rental yield of 7% and with prices starting from just £144,950, City Co-Living MediaCity is a key opportunity for investors to capitalise on the rising rental demand in Salford and achieve a secure rental yield in the North West.
To learn more about City Co-Living MediaCity and how you can capitalise on the rising rental demand in Salford, get in touch with our expert property consultants today.