News
Despite everything, landlord sentiment remains upbeat for 2024
Friday 29th December 2023
The majority of PRS landlords believe the prospects for their own rental portfolios in 2024 are good.
Nearly three quarters of all landlords (74%) feel confident about prospects for the property market next year, according to research from The Mortgage Lender (TML).
And when it came to the performance of their own rental properties over the next 12 months, 71% of them felt optimistic, with portfolio landlords the most assured at 78%.
Confidence peaked for those who owned homes of multiple occupancy (HMOs) at 86%, student accommodation (84%) and portfolio landlords with more than five properties (82%).
Those more seasoned landlords who have been renting out properties for over 5 years, were more likely to feel confident about their rental portfolios compared to those with less experience (73% vs 69%).
Some 73% of landlords said they had seen demand from tenants increase over the last six months, with 27% saying it had been a significant increase.
This increased demand and the wider economic market is also impacting rental prices, with 73% of landlords reporting that they have increased their rental prices over the last 12 months, with the average going up by 34% amongst those surveyed.
More than half (52%) said they had increased rents to keep up with the increase in their own rising costs, while a further 28% were following the lead of other properties in the area.