Rayner Personnel Salary Landscape Report 2022/2023 - Manual / Resource - Page 24
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06: LETTINGS SALARY LANDSCAPE
Overall, the lettings industry is influenced by
various economic, social, and demographic
factors. In recent years, there have been several
trends that have impacted the industry, including:
1. Demand for rental properties: There has been
a steady increase in demand for rental properties
in many countries due to various factors such as
changing demographics, increasing job mobility,
and affordability issues in the housing market.
2. Rising rents: As demand for rental properties
increases, landlords have been able to increase
rents. However, this has led to affordability
issues for many renters, particularly in cities with
high housing costs. According to the Home Let
Rental Index, the average UK rental price for new
tenancies in January 2022 was £1,068 per month.
This was an increase of 4.8% compared
to January 2021.
3. Evolving tenant preferences: Renters today
are looking for more flexibility, convenience, and
amenities in their rental properties. As a result,
landlords are increasingly offering furnished
apartments, short-term leases, and additional
amenities like fitness centres, swimming pools, and
co-working spaces.
4. Technological advancements: The lettings
industry has been transformed by technology in
recent years, with online property portals, virtual
tours, and online payment platforms becoming
increasingly popular. This has made it easier for
landlords and tenants to find each other and
manage their rental properties.
2022/2023 ANNUAL REPORT
5. COVID-19 pandemic: The COVID-19 pandemic
has had a significant impact on the lettings
industry, with many tenants struggling to pay rent
due to job losses or income reductions. However,
government support measures like eviction bans
and rental assistance programs have helped
to mitigate the impact of the pandemic on the
industry. According to Zoopla’s Rental Market
Report, tenant demandin the UK lettings market
has remained strong, with demand up by 25%
compared to pre-pandemic levels. This has led
to an increase in rental prices and a shortage of
available rental properties.
THE AVERAGE UK RENTAL
PRICE FOR NEW TENANCIES
IN JANUARY 2022 WAS
£1,068
PER MONTH
THIS WAS AN INCREASE OF
4.8%
COMPARED TO
JANUARY 2021.
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