2024 will soon be upon us, so what better time to look at what to expect from the rental market in 2024. As a property investor you may be setting your property goals for the year ahead? This blog will help you gain some direction with future property investment plans and rental property expectations for 2024.
Zoopla predicts that rents will continue to grow beyond wages throughout 2024. The rental market will continue to experience heightened levels of demand. Many would-be buyers still feel forced to remain in rental properties as mortgage rates are inaccessible for them.
Experts believe that rental growth in 2024 is to sit at 9%. Meanwhile, wage growth is expected to sit at 6%. This will continue to make renting a property increasingly difficult for the average renter in Peterborough.
The latest predictions from property giant JLL back this up too. Their experts state that they expect rental growth to exceed wage growth, suggesting a 4.2% average increase in rental prices per year over the next five years.
So, what does this mean for your rental market goals in 2024? If you’re not sure of the best rental properties for your portfolio, give us a call. Our experienced team of property management experts are happy to share their advice and guidance to help you get the most from your property.
It is also worth noting that Manchester, Birmingham and Bristol have been selected by rental market experts to see the most impressive growth in rental properties and renting costs. It is expected that rental properties in these cities will between a 3.4% and 4% average annual rental price growth until 2027. This far exceeds the predicted average for Peterborough which stands at the national average in the UK of 3%.
Need help renting out your property, or looking for a property to buy and rent? Call our team now – 01733 748031.
