Not only are tenants finding it easier to pay their rent, they also feel that their rent is good value for money.
Research conducted by the NLA found that 73 per cent of tenants said their rent was "good" or "very good" in terms of value for money. Only 20 per cent considered it "poor" value, and 3 per cent "very poor".
NLA Chairman Carolyn Uphill said: “It’s pleasing to see that so many tenants perceive their rent as good value because landlords face a lot of unjustified criticism for the rising costs of living.
“The NLA has long argued that rent levels in the UK are a consequence of a market economy, with the determining factor at present being a chronic undersupply of affordable housing, compounded by lethargic efforts on the part of Government to foster more construction."
“On the whole the findings are encouraging for tenants: they demonstrate that rents on private lets over the past year have remained fairly stable and show that, in reality, very few feel pressured to move out or actually have their tenancy terminated by their landlord – a common misconception."
“However, most important of all the findings suggest that the majority of landlords are in the business of providing good quality, affordable homes and are making sustainable tenancies a mainstay of most tenants’ rental experience."
This is great news for both landlords and tenants.
From the facts passed on from the NLA we can only assume that tenants are extremely happy with the service they are receiving from their landlords; therefore the rent they are paying is justified.
Happy tenants = Happy landlords.
After a period of rent increases, the NLA’s survey revealed most landlords haven’t increased rents in the last 12 months. It is reasonable, and somewhat expected of landlords to do so in line with inflation.
If you’ve been over a year without revising your rent, maybe now is the time to take advantage of College and County’s free valuation service.
This service includes a current market assessment of the rental value of your property and, where requested, advice on any improvements that may increase its market appeal.
Contact David today: David@collegeandcounty.co.uk