Landlords cash in on soaring rents as tenants battle to secure homes

By JESSICA CLARK

Updated:

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Landlords are cashing in on sky-high rents as tenants battle to secure homes amid a shortage.

Two listed private landlords said high demand and a lack of new homes mean rents have soared.

And developers are hiking prices. Grainger, the largest listed rental landlord in the UK, is upping rents in ‘one of the strongest occupational markets we have seen’.

Rent rises: Two major listed private landlords said high demand and a lack of new homes on the market means rents have soared in the past year

Rent rises: Two major listed private landlords said high demand and a lack of new homes on the market means rents have soared in the past year

Student landlord Unite, which owns nearly 160 properties in 23 university towns and cities, said there has been record demand.

Latest research showed average rents outside London have hit a new high, up 10 per cent in the past year to £1,278 a month. 

In the capital, renters are paying a record £2,627 – 12.1 per cent more than a year ago.

The number of enquiries for each property is 25, up from eight pre-pandemic. Grainger owns around 10,000 homes. 

Occupancy was at record levels of 98.6 per cent, and it aims to finish building 1,600 new homes before the end of 2023, with 6,000 more in the pipeline.

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