Landlords enjoying higher returns as survey shows rents increase
A new study* from Cover4LetProperty has revealed that nearly one in 20 of all renters (18%) have seen up to a 10% increase in the cost of their rent in the last year**. A further 6% saw a rental increase of up to 20%. The annual rate of inflation stood at an average 1.5% during the same period.***
The landlord insurance specialist revisited a previous survey from a year ago**, to see if there are any changing trends in the rented property market. They found that:
- 16% of the adult population are living with family or friends (down from 28%);
- home ownership (with or without a mortgage) has increased by 12% since January 2014;
- 22% of those who live with family or friends do not pay rent – a 2% decrease since last year’s study;
- of those, 50% are in the 18-29 age bracket;
- the amount of people who have always lived at home remains the same at 28%;
- previously, 10% of respondents had recently returned to live at home due to divorce or to care for a sick parent. The latest study shows that none of the respondents had recently moved back home.
* Independent study carried out for Cover4LetProperty February 2015
**Independent study carried out for Cover4LetProperty January 2014
Richard Burgess, MCIM, ACIEH, Director at Cover4LetProperty, telephone: 0845 863 9558 or email: firstname.lastname@example.org
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