The majority of buy to let landlords plan to raise rents in the coming 12 months, new data suggests.
Some 85% of landlords went for a raise, and of those 36% plan to raise rents by up to 5%.
Meanwhile 37% intend to increase rents between 6% and 10%.
Fewer than one in 10 landlords plan to raise rents between 11% and 19%.
Among those looking to raise rents, 42% is made up of landlords with portfolios of between four and 10 properties, followed by those with 20-plus properties at 28%.
Rob Stanton, sales and distribution director at Landbay – the company which commissioned the survey – says: “Whereas before, rising rents would often reflect the increasing demand for good quality rental accommodation, today’s market now means landlords also have to factor in higher interest rates and operating costs too. With no alternative, many landlords have to consider increasing rent to cover their outgoings. As a large number of landlords look at their remortgage options, they can be encouraged by the innovation we have seen from lenders across the buy-to-let market.”
