The cost of living crisis is driving more and more tenants into the arms of build-to-rent landlords as renters seek ‘bills included’ tenancies, Rightmove has claimed.
Its latest Quarterly Rental Tracker reveals tenants exhibiting a variety of behaviours to avoid higher bills including staying put longer to avoid paying more rent at a new tenancy and seeking ‘bills included’ homes.
The portal’s analysis of features in over 20,000 build to rent listings on its platform has revealed a significant increase in demand for properties with all bills included.
Over the past year, enquiries from tenants have jumped by 36% for this type of property, the biggest increase out of all available features.
Inflation
The report also reveals that landlords are responding to the cost of living crisis prompted by high inflation, the war in Ukraine and rising energy prices.
Rightmove says many landlords have recognised the challenges of rising household bills for tenants, with two-thirds choosing not to put up rents over the past year, while a third have increased rents.
Nevertheless, a lack of stock and a growing tenant population mean rents continue to rise at the fastest rate ever recorded, now standing at £1,088 per calendar month (pcm) per tenancy, up 11% on this time last year.
It is a similar story in the capital where rents are up over 14% to £2,195 pcm.
“People who had been waiting to see what happened last year are now being faced with record rents and so are seeking out properties where they can have more certainty over their outgoings, with all bills included becoming increasingly sought after,” says Tim Bannister, Director of Property Data at Rightmove.
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