Bruce Rae Property Management

Tenant Demand Hits 5 Year High

According to research carried out by the Association of Residential Letting Agents (ARLA), demand for private rental property has reached a five-year high. ARLA predicts that within the next 10 years 15% of housing stock will be made up of the private rental market. Edinburgh’s private rental housing stock already equals 17% of the market – double the national average, while cities such as Glasgow and Dundee’s privately rented property equals 8-10% of housing stock.

There are a number of factors that have combined to increase demand for rental  property including an increase in immigration, more people living alone and a weakening in the housing market. Ian Potter, head of operations at ARLA said, “This peak demand should come as no surprise. Softening in the sales market is always a driver of further demand in the rental market.”

The research also shows that more and more people in the UK are choosing to rent even though they can afford to buy, as renting offers more flexibility and better quality than they would be able purchase – especially for young people who do not want the commitment that comes with buying property. According to David Salusbury Chairman of the National Landlords Association (NLA), renting no longer has the same stigma attached and can offer a “good value alternative” for those whose lifestyle it suits.

For more information or advice on letting your property, please contact Elspeth.Rae@brucerae.co.uk

Source: www.lettingweb.com & www.bbc.co.uk/news