Has Covid affected the rental market?

[Mrsemcgregor]

We have been told that the home we have rented for the last 7 years is to be sold before March 2022. So we have about 18 months to find somewhere new.

I’ve been looking at Rightmove and Zoopla and I was wondering if what I am seeing now is truly indicative of the rental market or if it’s much more expensive or far cheaper at the moment to rent?

I’m in a bit of a bubble as we are renting off family and even though we were paying full market rate 7 years ago we’ve not had any rent increases.

We are in a similar position- our rental is on the market currently to be sold but we’ve only been here for 1 year. The properties coming up and much more expensive than when we last were looking to rent

I’m hoping that currently it’s in an expensive blip! I have noticed that there isn’t much on the market, especially not family homes. When they do come up they are gone within the week, which would suggest it’s a landlords market right now.

In London rents are going down : friends/colleagues are trading up from 1beds to 2 beds at similar price, local agent has told me hard to get professional tenants, a friend is living in her own BTL as wasn’t attracting much interest

This is all flats not houses though

There are greater controls on evictions at the moment so I am guessing there are fewer available properties at the moment so landlords can ask more, I guess it depends how long that lasts.

Depends where you're looking and what for.

Rents (and for sale prices) going down on inner London flats but going up on outer London and commuter towns, for example.

It varies across the UK. Might be a good time if you're looking to rent a city flat with no outside space. Less so if you want a house in the suburbs or a market town with a garden.

I’m definitely lucky that we have about a year before I really need to move out and I’m free to leave whenever I find something suitable. I hope I time it right and find somewhere at a reasonable price.

It’s somewhat soul destroying that we would pay about £200 a month less on a mortgage.

@SheepandCow

Depends where you're looking and what for.

Rents (and for sale prices) going down on inner London flats but going up on outer London and commuter towns, for example.

It varies across the UK. Might be a good time if you're looking to rent a city flat with no outside space. Less so if you want a house in the suburbs or a market town with a garden.

Unfortunately we are definitely the later!

@Mrsemcgregor

I’m definitely lucky that we have about a year before I really need to move out and I’m free to leave whenever I find something suitable. I hope I time it right and find somewhere at a reasonable price.

It’s somewhat soul destroying that we would pay about £200 a month less on a mortgage.

Maybe but that £200 over the year would be more than spent if you end up needing a new boiler or with a leaking roof - it’s swings and roundabouts. Anyway, my experience of the rental market outside city centres currently is that properties cannot let fast enough and rents have risen about £50 per month (specifically in the Birmingham /Coventry countryside). If we go back into a lockdown then that could slow it back down though- there were huge bargains to be had in the last lockdown

@HotDiggidy2017 that’s very true, it is nice not to have to worry about big expensive things breaking!

So many landlords selling up right now . I've been in my 11 years and it's on the market . We have not yet been given notice . Nothing in our area to rent right now . Very worrying times . Family of 4 😔

[quote Mrsemcgregor]@HotDiggidy2017 that’s very true, it is nice not to have to worry about big expensive things breaking![/quote]
Yep, my place is a proper money pit, I spend at least £1500 a year on sorting out this and that (not improving, just keeping it ticking over)

@Bedsheets4knickers the insecurity is horrible isn’t it? Especially when you know the next place you rent might also sell up after 6/12 months. There’s nothing at all in the area I need for work and school at the moment, If things don’t improve we may end up renting a 2 bed flat in the town centre as a stop gap. There’s plenty of those available!

@Mrsemcgregor we've had many a sleepless night . Feels so unfair to be doing this with this pandemic going on . I'm pleased about the 6 months for us anyway I know you have longer . Just wish they had told us they were thinking off selling last year . We had loads of options then .

I agree it's so wrong people are having this insecurity during a pandemic. It's bad enough in normal times. Must be particularly worrying for clinically vulnerable tenants.

Slightly derailing but we desperately need more social housing - with the affordable rent and, very importantly, security and ability to settle that offers.

I'm sorry OP. It's worse when you know you could afford a mortgage.

The cost of a boiler or anything else doesn't take away from the fact that private renting is horribly insecure, and mortgages go down over time whereas rents generally only keep on increasing.

Perhaps it might be worth going for one of the cheaper city centre flats temporarily? Particularly if that would help you save for a deposit to buy?

As it is only renting not buying I would just rent more cheaply
at the moment and wait and see.
Loads of people do this and save even if the kids have to share.
Longer term it may be better.

@Justpassingtime1

As it is only renting not buying I would just rent more cheaply at the moment and wait and see. Loads of people do this and save even if the kids have to share. Longer term it may be better.

Kids can't share if of different sex over a certain age

It’s tricky to balance, my kids share currently as we have 2 double bedrooms. But most 2 bed flats are one double and one single which I don’t think I could physically fit us into, so then we would need to rent storage.

Do I pay £1100 for a 3 bed house or £850 for a 2 bed flat and the cost of storage (I have no idea how much storage is?). Or secret option 3 - £950 for 2 double bedrooms?

From today's Telegraph...

Nearly two-thirds (64pc) of landlords face a negative impact to their rental businesses because of the pandemic, according to a survey by the National Residential Landlords Association, a trade body.

Nearly a third (30pc) said that they plan to sell at least one property.

Many property investors are struggling after being hit by lost income during lockdown and fear their tenants will be unable to pay their arrears. Others want to take advantage of the property “mini-boom” and sell while the market is boosted by the stamp duty holiday.

Apart from London and Wales, rents rose in every other region in England and Scotland. Rents in the South East and East of England returned to growth for the first time after three consecutive months of falls. Rents climbed in September by 1.3pc and 1.7pc respectively.

The South West recorded the strongest growth in September at a rate of 4.2pc, followed by the North at 4.1pc.

@Didyousaysomethingdarling thank you that’s very interesting.

And interestingly enough I’m in the south west!

Covid really has fucked up every aspect of everything hasn’t it? Bastard virus.