Rents in 2022 - the picture so far
Welcome to the first Landlord blog of 2022 from all of us here at Lyvly. We aim to bring you some of the lettings market talking points including predictions and forecasting for the year ahead, while also sharing with you our successes as we go from strength to strength, riding the wave of the burgeoning co-living sector.
So who are Lyvly and what do we do? Quite simply we are London's leading co-living Lettings & Management company, offering Landlords and Tenants alike a radically better rental proposition. Our comprehensive co-living management programme ensures Landlords’ properties are correctly looked after whilst ensuring Tenants get the quality they pay for, both in terms of property but also, and importantly, living environment. London is an ever-changing and transient city and we firmly believe Lyvly significantly reduces the typical friction involved in both letting and renting a property.
So what to expect from the London rental market now that we are a month into 2022? Early signs show a sharp spike in new properties to the market, likely due to the significant rent reductions of this time last year now coming to an end. However, the continued popularity and necessity of being in London for many renters means rents look set to stay strong and recover further. Some corners of the market are citing a rent increase of 4.5% during 2022, while others are being more cautious and stating likely increases of 2.5%.
The data here at Lyvly for 2022 so far shows an average rent increase of 14% - clearly and significantly outperforming the market expectation. Whilst the London lettings market has without doubt become less seasonal in the last decade, to see such strong rent performance early into the new year shows positive signs, particularly for those considering co-living as an approach to renting their property. That 14% figure becomes even more interesting when you factor in that, on average, Lyvly are achieving 1.6 times the normal market rent for our clients. Very early signs are that 2022 looks to be a strong year in the London rental market. To find out more about co-living and how we can enhance your Landlord experience visit www.lyvly.uk.