Property market
19/04/2022
Rental costs to rise as workers begin moving back to the office
April 4, 2022 | Property market
The rising trend to continue
The cost of renting a property in a city centre is rising as office workers, students and international residents return, according to Zoopla.
Zoopla said greater competition meant that renters taking on a new let were paying £62 more a month than they did pre-pandemic.
This higher demand is set to increase in the coming months, mainly due to the greater influx of professional workers and students into city centres during july.
Whats behind the demand?
Demand for city-centre properties to rent dropped dramatically, particularly in leeds, during the pandemic lockdowns.
Many students and young workers who were working from home returned to live with their parents, and international travel restrictions reduced medium-term overseas visitors. Zoopla said that the gradual return to the office, and well as the general winding down of Covid restrictions, had boosted the rental market.
Zoopla said demand for rental properties in January was up 76% compared to an average January in each of the previous four years.
The numbers
The number of properties available had been curtailed by existing renters staying put.
Together, this has meant a rise in rent for new lets, up 8.3% in the final quarter of 2021 compared with the same period a year earlier. A typical monthly rent in the UK rose by £62 per month to £969.
This increase in rent was seen across most major cities including Birmingham, Edinburgh, Leeds and Manchester, Zoopla said.
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