Aug

Tenants rush to find ‘bills included’ rental properties on Rightmove

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‘Bills included’ has become the most popular renter search term on Rightmove, overtaking pets and gardens for the first time.

The rising cost of living and increased rents – forecast to jump 8% this year – has prompted tenants to want more certainty in their outgoings; last year bills included was just outside the top five in keyword searches, but now also tops the search for balconies or furnished properties.

With the average asking rent outside London already 19% higher than two years ago, up from £949 a month to a record £1,126, many renters are also considering available rental properties across a much bigger area than four years ago, reports the property platform.

Trying to find somewhere in budget along with hybrid working are likely factors in growing the average search area from 70km2 in July 2018 to 137km2.

25% down

The number of new rental properties coming to market continues to improve, up by 3% in July versus June, although the number of available properties is still 25% lower than this time last year.

The result is a fiercely competitive and fast-moving rental market, with prospective tenants seeing properties being snapped up twice as quickly as they were two years ago.

Rightmove’s property expert Tim Bannister (pictured) says the lack of homes is down to more people choosing to stay put and sign longer contracts, some landlords selling up due to more onerous taxes and others taking advantage of record house prices, and hybrid working shifting some demand to more rural and suburban areas.

He adds: “This has all led to a fiercely competitive rental market in many areas with agents reporting that in some cases properties are being rented out in just a few hours.”

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