Warning to anyone renting a home as expert says rental market shows 'no signs of slowing down'

manchestereveningnews.co.uk:

Experts are warning that renting could get even more expensive soon as a result of further increased demand and low supply. Rents are now expected to rise sharply once again in the next few months amid the already crippling cost of living crisis.

Rental demand shows 'no signs of slowing down' and supply remains constrained, the Royal Institution of Chartered Surveyors said, as their recent findings showed that tenant demand has risen firmly over the last three months to July.

Property experts’ expectations that rents will rise are at the strongest levels seen so far this century with 63 percent of professionals predicting rental prices to increase over the three months ahead, marking a fresh record-high since the second quarter of 1999, Rics said. Try MEN Premium for FREE by clicking here for no ads, fun puzzles and brilliant new features. “The recent uptick in mortgage activity looks likely to be reversed over the coming months if the feedback to the latest Rics Residential Survey is anything to go by," Rics chief economist Simon Rubinsohn commented. “The continued weak reading for the new buyer inquiries metric is indicative of the challenges facing prospective purchasers against a backdrop of economic uncertainty, rising interest rates and a tougher credit environment. “Just as concerning are the insights being provided around the lettings markets.

Demand shows no signs of letting up, supply remains constrained and that means rents are likely to continue rising sharply despite the cost-of-living crisis.” Commenting on Rics’ findings, Dan Wilson Craw, deputy chief executive of campaign group Generation Rent, said: “In many cases tenants are being priced out of their homes and forced into the lettings market to