The agency wants incentives for long-term rentals on Airbn …
A leading rental agency wants next week’s budget to unveil incentives to boost supply in the long-term rental industry.
Richard Davies, Head of Rentals at Chestertons, a London-based company, says: “The rental market has seen a serious decline in the number of rental properties available, especially near city centers.
“This has forced many tenants to compromise on their search for new accommodation while facing higher rents which inevitably attract owner investors keen to take advantage of the increased yields.
“To prevent the situation from worsening, we would like the government to put in place incentives that encourage Buy to Rent owners to bring more properties back into the long-term rental market.
“This will not only help increase the supply of properties available for rental but, by offering more choice to tenants, will also help slow the very strong growth in rents observed in recent months.”
Even ahead of next week’s announcements by Chancellor Rishi Sunak, there could be a movement underway with some landlords switching from short rentals due to renewed uncertainty about the pandemic.
Earlier this week, London and Manchester agency Orlando Reid said a Saudi client, for whom they manage 26 properties in London, had fully settled into long-term rentals.
The client had suffered greatly during the pandemic with long vacancies when properties operated as short-term rentals and travel restrictions were the most stringent.