Where are all the rental properties?

[Butteryflakycrust83]

A few years ago when we moved, Rightmove would be updating easily 20 or so properties a day. There were many to choose from, and it was relatively easy to find yourself as a first viewer.

I always like to keep an eye on what's on the market and for the least year, I would say a mile radius now has probably 2-3 properties a week. Initially we put this down to reluctance to move during lockdown, but what is causing the shortage now?

Are people reluctant to move while the economy is so unstable?
Are LLs selling properties instead?

As a private renter I always have a worry that if we were to be given notice, we would seriously struggle to find somewhere. I saw a family who have had to buy a tent because they cannot find any properties in their area.

Curious as to thoughts as to what has happened for the stock to drop so dramatically?

No idea of the reasons why, but we’ve noticed this too. We are also private renters and looking to relocate before eldest DC starts GCSEs. There’s is nothing! We were spoilt for choice a few years ago.

Its weird isn't it! Its making me panic a bit about trying to move before DD starts primary school.

Where do you think all the Airbnbs have come from?

See the other thread here about landlords selling up, too.

I live in a fairly touristy town and there is a real problem here with landlords deciding air bnb type holiday lets are more profitable. Could that be the case where you are?

In my tourist area landlords realised they could Airbnb for 4 x monthly let. Their tenants then have moved further afield due to zero stock locally. Each rental available has hundreds of applicants offering year+ in advance and bungs of cash to the rental agents to fix it!

I live in an area with hardly any Airbnb properties and there is still a shortage of rental properties. The few that come up don't even make it onto Rightmove as the agents have lists of people waiting for them the minute they're available.

Absolutely NOT in an air b and b area!

No real spike in house value either to justify selling up.

Landlords have sold or are selling their rental properties as it's not a profitable or secure an investment as it once was.

'Buy to leave' is also becoming a thing, where investors keep a home empty with the view to making a profit. Even on other thread a poster mentioned she will leave her rental empty after current tenants leave. It's a disgrace.

There was a thread here yesterday with lots of landlords discussing selling up because they can't make enough money to justify the time and the investment.

I live in a small town in Cornwall - no one can move from a rental as there's nothing on the market.

My mate put a private house rental up on Facebook last month (not using an agency) and received 300+ separate contacts that day - a mix of asking to view, people prepared to to rent it blind and lots sending whole stories of their forced evictions due to landlord selling up, and being desperate to move into somewhere ASAP, especially people with pets and kids. I've no idea who she selected to move in or how.

Changes in tax laws mean it’s not as profitable as it was, I think changes such as getting rid of S21s are the final nail for a lot of people.
A lot of shelters policies are quite short sighted as if all it does is cause landlords to sell up then supply is reduced and prices go up.

Tbh I think a hike in house prices plus the hoops a Ll has to jump through to evict a non paying tenant have combined to reduce the rental market.
If a tenant is withholding rent and it takes 3 months minimum to evict it's the future tenants who will suffer.
When I hopefully get my house back in September, if I'm lucky, I will be leaving it empty or raising the rent and only letting to those that need a stop gap between selling and buying.
I feel sorry for renters. The system designed to protect is working against them.
Good ll's have had enough.
And this government won't build any more houses for you.
It's dire.

I know two families who used to rent out houses but in both cases they are now leaving them mostly empty except when family or friends want to use them during renovations etc. Both previous rentals are mortgage free and after a series of unreliable/demanding tenants they concluded it wasn't worth the hassle.

I also notice a lot of Victorian conversions near me have been sold to owner occupiers after years being rented. I think the maintenance now costs so much it is not covered by the profit a landlord can make, so they are buying new build flats instead.

The system designed to protect is working against them.

I think this is true.

Is it an area Op where people have moved into because they now can work WFH. When we were coming back from Copenhagen to UK this spring we had a nightmare finding a decent , high end 3/4 bed detached /semi house - and I'm not talking that cheap. Our first choice was Bath, where we had moved from - absolutely bugger suitable came on- in the past we would have had at least 5 to pick from-

After that we made 4 offers in various places we knew - on 3 of them people offered over the rental price and we finally got our 4th offer - at rental price.

A lovely helpful agent in Guildford told me that lots of people were selling up similar houses in other areas and then renting for a while , as they could now WFH, or selling up in same area and then renting for a year to be in a better position to buy.

How selfish of them, @TheYearOfSmallThings . If they don’t need those properties they should really sell them. Some of us haven’t even got one property, let alone a spare.

Imo people shouldn’t be allowed second properties. I’m only a single person with no offspring but what about families in need of a home?

In the past few years and due to come in the short term, landlords have:
Lost profits through taxation reforms
Been told they have to take pets
Been told they will have to accept benefits
Can't take admin fees

Can take a maximum of 5 weeks rent as deposit (which is unlikely to even cover carpet costs after pets)
Having to increase energy efficiency of the house, and pay for it to be re-tested

Were unable to evict for any reason during covid
Having to pay thousands and take months to evict now, with little chance of recovering rent or likely damage costs
Is facing more eviction restrictions in the future

You know all of these things that the government is doing to make it better for renters at the expense of the landlord? It's making the landlords say fuck you, and do what's best for them with their properties.

It is becoming more and more uncertain being a landlord.
We rented our house in the UK while abroad but had decided that it was becoming an increasingly risky thing to do.
We ended up selling it.
There simply weren't enough protections for landlords to make it worthwhile unless it is a larger business and you have multiple low value properties in our view.

If we had been returning to the UK we probably would have mothballed our house.

But what are happening to these properties? Most people don't live in tourist areas. I live in London but in zone 3. There are some airbnbs here as we are 20 minutes tube ride from central london, but not a great deal.

Are they selling them to FTB?

@NellesVilla that really doesn't help the overall situation sadly- and I say this as a long term renter. We aren't renting due to not seeing anything we want to buy but because we are older, self employed and unable to get a mortgage- even though we are now pretty highish earners(we were not always- or we would have bought) a great many renters just can't afford the size of deposits needed in many areas , or don't want a new build part buy flat or don't fit standard mortgage criteria- not because there aren't enough houses for sale .

The landlords in my block are all selling. I think from a renters' block we will become an owner block pretty soon.

Not sure if this is meant to evoke pity because it doesn't.....

This problem is only going to get worse. I was listening to a radio program where the guest was explaining new legislation forcing LLs into upgrading their properties so they make the new carbon neutral targets. They’ll have to raise to a minimum of an EPC B I believe. The guest believed many Victorian properties weren’t even capable of making that rating and the assumption was lots of properties being sold or left empty.

www.bluedropservices.co.uk/blog/331/new-epc-regulations-for-landlords-2025/

Why on earth do you think it's meant to evoke pity?! What a weird response from you OP. You asked why the rental properties are in such short reply. @anon2022anon has told you exactly why with a great response.