Hi all

Just thought i would see your opinions on this. If the housing market is currently stuffed, does this mean that more people are renting? If this is the case, then are rents going up or have things stayed static? Surely, people still want to live somewhere and if they cannot afford the deposit for the mortgage (and frankly dont actually want to buy at the minute) then they will rent -thus pushing up the rental costs due to demand. OR, are people moving back in with their parents? OR is it a case of properties not being filled due to people losing jobs in the city etc?

Any feedback by people who know more than I would be very welcommed.

Best wishes
John

Well, ask yourself this, 'Was the rental market really depressed while house prices were going through the roof?'

I dont know - hence the point of the thread

No, quite the opposite. Rents are going down, apparently because of over-supply: http://www.guardian.co.uk/money/2008/nov/02/renting-property
Even before the downturn there were a lot of rental properties out there, and now there's more as people who had wanted to sell their house find they can't and are apparently trying renting it out instead.

Vince

I'd agree with that, there is a definite drop in rental prices due to the huge amount of property available for rent now.

I think that it is dependant on where you are looking. In the city centre there have been a lot of rental property coming on to the rental market therefore over supply whereas in the areas surrounding the city there is less likely to be that sort of over supply and therefore prices have remained stable. I wouldnt think that they would have increased or decreased too much but have remained reasonably stable.

All you can really say is that the rental market is better than the housing market at the moment.

There are still plenty of appartments and houses available to rent at the moment, however the buy to let landlords are all now really feeling the squeeze.

As we move further in to a rather long and painful recession, more people will lose their jobs and therefore won't be able to pay their private rent (let alone a mortgage). This means the rental market is destined to fall in the coming months.

Brilliant

So you are telling me that not only can i not sell my apartment, i cant let it out either? I am so pleased that when i bought it 3 years ago everyone said "its always better to get on the housing ladder rather than throwing away money to a landlord". If i had rented then I would still have my deposit AND would be able to move into a house and start a family with my wife. Cant do that now. Absolutely <removed> typical!!!!!!!!! :(:(:(

You can sell your apartment without a problem. You just have to sell it at a price at which people are willing to pay.

In Crookes we have plenty of property to rent with at least 2-3 properties in most roads.

My advice for anyone is to save as much money as you can and hope you don't lose your job. With the governments plans to tax cut, increase spending and interest rate cut it's way out of this recession, if this fails (which I sadly think it will) we are heading for a depression.

Brilliant

So you are telling me that not only can i not sell my apartment, i cant let it out either? I am so pleased that when i bought it 3 years ago everyone said "its always better to get on the housing ladder rather than throwing away money to a landlord". If i had rented then I would still have my deposit AND would be able to move into a house and start a family with my wife. Cant do that now. Absolutely <removed> typical!!!!!!!!! :(:(:(

Rents HAVE gone up on certain types of property, you cannot generalise and say that rents are falling in every case. We have a one bedroomed flat (above a shop) which we let in the Abbeydale area and let it just over a year ago at £435pcm.

A friend has just moved into a one bedroomed flat about 500mtrs away, smaller and not a 'seperate' flat but part of a conversion of a house. I helped them look at loads of properties in the area and we did well to get this one at £485pcm (same rental terms).

Thus we can deduce that good quality one bedroomed flats in the Abbeydale area have seen a rise in the amount they are rented for.

I would hope that my flat is relatively desirable as it is much bigger than the standard ones and is also a corner plot thus having no neighbours. It would be fully furnished too. Would hope for £450 a month, but who knows what is attractive and what isnt.

I will agree with Pete. Good luck finding a flat that HASNT gone UP in price. I have lived in Sheffield for 2 years and the increase since I moved here is phenomenal! Next year my room is set to increase £25 per week! That is WAAY above the rate of inflation. I have so far been unable to find even a lesser quality room for cheaper than the new rent level :(

It depends how long the property has been empty.
If it has been vacant for 6 months then the rent is too high and needs to be reduced to find a taker, so make a lower offer.
Council tax is payable on empty property after 6 months so the landlords need to find some tenants asap.
However, if rents keep on falling,then the income may be below the landlord´s break-even point for costs.:hihi:

Brilliant

So you are telling me that not only can i not sell my apartment, i cant let it out either? I am so pleased that when i bought it 3 years ago everyone said "its always better to get on the housing ladder rather than throwing away money to a landlord". If i had rented then I would still have my deposit AND would be able to move into a house and start a family with my wife. Cant do that now. Absolutely <removed> typical!!!!!!!!! :(:(:(

Why not start a family in the apartment, surely that was the reason to buy it 3 years ago?

Why not start a family in the apartment, surely that was the reason to buy it 3 years ago?

What, exactly, do you mean by that?

I think rentals are going up, if you have the right property. Tenants are getting fussy - because they can be - and abou time too! I think the days of 5 students/professionals being crammed into a tiny, run down 2 up, 2 down in Crookes are gone. Students and young professionals want location, comfort and style and so will go for the city centre apartments.

Yeah, they're small, but for the short term, they are ideal. Good locations, clean, in working order and smart. I have evey confidence that although I might not be able to sell my flat for the right price any time soon, I'm sure I'll be able to let it out. The fact that the flats around me are full of tenants helps!