A survey of more than 1,000 landlords by The Deposit Protection Service (The DPS), has suggested that a significant proportion of landlords are implementing rent rises in the face of increasing costs.
The research from the UK’s largest protector of deposits has revealed that three quarters (75%) of respondents planning to remain in buy-to let during the next few years have either increased rents during the past 12 months (40%) or are planning to do so in the near future (35%).
Matt Trevett, managing director at The DPS, said: “Demand for rental property remains high, and our survey suggests most landlords see a future in the rental market. However, landlords have also told us that their costs have increased recently, particularly as a result of higher interest rates – and it seems a large proportion are raising rents to cover their expenses.
“Clearly increases to interest rates and the cost of living will also be affecting some tenants, and we’d encourage both renters and landlords to have an open and constructive dialogue about financial pressures in the current economic climate.”