NI Rents up 8.8% in last year

Posted: 27/2/2022

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NI rents have risen 8.8% within the last year according to one insurance and tenancy referencing provider, Homelet. Their figures show that the average NI rent in January 2022 was £705, a rise of 8.8% on the previous 12 months. That fits in with what we have experienced here at Key One Property. While many of our landlords keep rent rises modest for sitting tenants, when re-letting, we have seen increases well above 10%. But what will 2022 bring? Well, with inflation and energy rises (particularly after the Russian invasion of Ukraine) it leaves less for tenants to pay on high rents, so in theory we shouldn't see the same increase this year. However, the private rented sector has been decreasing because of severe (and unfair) tax rises for landlords, so if that continues, we may have decreasing supply which could push rent prices up. Although many landlords have and are selling up, despite the tax changes, there is a renewed interest in Buy-to-Let, so the supply-demand may even out again. If you are interested in Buy-to-Let, get in touch; we offer our clients free advice on what to buy. 

Key One Property offer fair price, VAT-free services to landlords. 

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