The big story in our sector at the moment is the fact that demand is outstripping supply and sending rental prices soaring.
It is a fact of life that when supply of something gets low, prices get high. It is not as if enough people did not predict this day arriving. Experts have been theorizing that the supply of properties for rent was going to get dangerously low for at least 6 months now. And it appears it has come to pass.
According to the latest figures demand for rental properties is up nearly fifteen percent in August: in stark contrast properties available has dropped by fifty percent. The inevitable has happened and rental prices have risen.
Make no mistake; landlords have been on the other side of this equation and in recent times too. There was period there where rental properties were in such oversupply landlords were making a loss on renting out.
There is bound to be some profiteering as that is the nature of some humans but it is my fervent hope that most landlords, while taking advantage of the change in fortunes, play fair with their prices. Just because you can charge ridiculously high prices, genuinely does not mean you should. Not in my opinion.
My experience though is that most landlords do have a social and moral conscience.
