Rental Costs Post Covid

It is hard to know where rental costs are headed post Covid19.

But with lower incomes for many and sudden unemployment for others, it is a concern for a lot of people.

On the plus side, there should be more stock coming on stream from the AirBnB market which has been more or less closed down by the virus. More stock in the long term private rented sector should push down rental costs.

This will be welcome for many because the Office for National Statistics (ONS) have found that renting in the PRS in England cost an average of £700 between 1 April 2019 and 31 March 2020.

But this was before the virus really taking hold – in mid March

The median monthly rent was highest in London at £1,425; this is £525 higher than the next largest median monthly rent, which was £900 in the South East.

The lowest median monthly rent was in the North East of England which was £495.

The extended eviction ban will do little to comfort those with an eye on their long-term future within the rental sector. It is likely we will see a lengthy backlog of evictions over the coming months as more and more tenants struggle financially.

Our advice for tenants  is to reduce their outgoings where possible, continue to maintain rental payments where they can and keep communication frequent and open with their landlord. Decent landlords and good letting agent are always open to dialogue.

Landlords have been hit too. Some many may struggle to understand for some time that affordability for rents has been hit too – and may initially be reluctant to cut rents.  But when they see they cannot get new rentals away at the same rents they used to, reality will dawn with them.

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Tenants looking for property and also searching for good landlords and letting agents would be well advised to buy my book, “Tenants Guide to Successful Renting”.

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David Lawrenson, who is also founder of LettingFocus, also writes for property portals, speaks at property events and is regularly quoted by the media. See: David Lawrenson in the Media.

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