Staying Put vs. Starting Fresh: A Guide for Tenants Facing Rent Increases

Facing a rent increase when your lease is up for renewal? You’re not alone. The latest market report reveals tenants renewing contracts are seeing an average increase of 8.3%. But before you pack your boxes, there’s a silver lining!

Here at James Anderson Estate Agents, we’ve unpacked the data to show you why renewing your lease might still be your best bet.

Key takeaways:

• Tenants renewing their contracts are seeing rent increases, with an average rise of 8.3% over the past year.
• Despite the increase, renewing remains cheaper than moving, with existing tenants paying £178 less per month on average compared to new tenants.
• The number of tenants moving has decreased significantly due to the financial benefits of staying put.
• Rental market growth is expected to stabilize around 6%, higher than pre-pandemic levels.

What this means for you: If your lease is ending soon, consider negotiating a renewal with your landlord. While rent increases are likely, you’ll still likely save compared to the cost of moving and finding a new property.

Thinking of moving? The current market favors tenants who stay put. Moving may mean finding a smaller property for a higher price. Carefully weigh the pros and cons before making a decision.

Looking for more information? Contact James Anderson Estate Agents today. Our experienced team can help you understand the local market and make informed decisions about your tenancy.

**This blog post uses data and quotes from the Hamptons Monthly Lettings Index, May 2024 edition.