Lack Of Properties 'Leads To Rent Rises'

For many reasons there are quite a few people in the country who rent their homes and do not own them. This can be an advantage as you can be more flexible about moving around. You do not have total responsibility for the property. So if anything goes wrong you simply pick up the phone and call the landlord who has to go to the trouble and expense of fixing things.

There are usually plenty of properties available for rent of varying types and standards. However sometimes there can be a shortage and this drives up the price of rent in the same way as any shortage of goods in a particular market will.

Those who choose to invest in property could see their income rise as a result of a situation such as this, according to a leading property company. Dwellings at the "lower end of the market" can particularly attract higher rates in these circumstances, the firm said. Head of lettings at the company commented this could be good news for "accidental landlords".

"We have experienced accidental landlords whose tenants have vacated the property […] deciding to sell," she said.

She explained when housing markets improve those who did not wish to become landlords in the first place can choose to take their property out of the sector. Her organisation offers real estate across the world and has 180 offices.

An accidental landlord is someone who has already moved to a new home but cannot sell their old home. Often to offset expenses people will rent out their old home. This often happens when the housing market is slow and it is difficult for people to sell their homes or get the price they want for them.

If you are thinking about letting your property make sure you get some independent financial advice before agreeing to anything. In addition, it is best to get proper contracts made up even if you know the person who will be renting your property.

If you would like to know more about renting why not ask AnswerBank Property.

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