Letting in 2024? Here’s what you need to know

Be ahead of the game this year by getting clued up on the latest rental market changes. Whether you’re looking to let in 2024, or you’ve had a property on the market for a while now, here’s everything you need to know about securing successful letting agreements in 2024.

The current landscape and market predictions

Following a year of sharp rises, here’s what the current rental market forecast is looking like:

• The government’s official forecaster predicts rents on newly-let properties could go up by a further 5-6%.
• The Royal Institute of Chartered Surveyors report that rental prices are expected to increase by an extra 5% on average across the UK over the next twelve months.
• The Office for National Statistics reported that in 2023 private rental prices in the UK rose by 5.7% in the 12 months to September 2023.

With this in mind, it is likely that rent prices will continue to increase over the next year but perhaps at a steadier pace than previously. More supply is expected to come to the market as rising yields tempt landlords back and homeowners struggling to sell turn to lettings instead.

Renting Homes (Wales) Act 2016

The Renting Homes (Wales) Act 2016 was introduced in December 2022 and shook up the rental market. The law prioritises tenants’ wellbeing and contract security, while also strengthening the court processes to enable landlords to settle disputes with tenants smoothly. As a landlord, you need to be aware of the standards to which your property should be maintained, and any changes made to how you manage your lettings and contracts.

Catering for 2024 tenants

An unpredictable job market is likely to deter people from buying a first home, making the option of renting a much more attractive one. Take the opportunity to promote the best assets of your property for your target audience:

• Hybrid working plays a big role in how you market your property to students and professionals. To make your property desirable for working from home, include an adequate desk in either a bedroom or living area for a small price and a large reward in making your home more accessible.
• With tenants looking for affordable solutions, co-living situations are becoming more popular. Make your property appealing by having dedicated communal areas, and ensure your kitchen area is organised and has ample storage space for those living in a house share.
• To appeal to families, consider how you can maximise the space of your rental property to cater to a family with children, and provide an appealing family living space.

As a landlord, it is imperative to keep up to date with the changes in regulations, and the current demands in the market to assess how your property can fit in. Call us at 029 2062 6252 or visit in branch to get expert advice on letting your property and secure those agreements.