Sell My House Quickly in Birmingham
Sell My House Quickly found another interesting article about properties in Birmingham. Rising demand for property continues to drive rents higher in commuter zones.
With rental demand decresing in city centres due to the shifting patterns of commuting, working from home and the closing down of the leisure and hospitality sectors, a halo effect of increased demand is being seen throughout the wider commuter zones.
Rents are rising strongly in the wake of increased demand among some renters who are migrating towards properties with more space, indoors and outdoors, as a result of three successive lockdowns over the past 10 months.
With renters moving to where they can access more space affordably, and with more houses typically located outside of city centres, this is also contributing to the halo effect of increased demand and rental growth in our city markets and the widest points within a commuter zone.
As a result of changing demand patterns, in every region of the country, a larger proportion of rental flats than houses are having their asking rents reduced in a bid to attract tenants.
Looking ahead to the rest of the year
Demand in the rental market is driven by labour mobility, migration and employment growth, all of which have been disrupted by the pandemic.
The outlook for the rental market depends upon how quickly the roll out of the vaccine can reduce the impact of Covid. In turn, when business as usual resumes in city centres, with the reopening of shops and offices, leisure and entertainment facilities, and a return to more business activity.
Flexible working is likely to continue, meaning there may be a permanent shift in priorities for some renters. The demand for space is unlikely to diminish any time soon, which will continue to support the family homes rental market.
We found this article about Rising Demand for Property on Property Reporter. Kindly click the link to read the full story.
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