Menu
07/08/2012
Returns Up For Private Landlords In Belfast
Rent prices are remaining high in Belfast, research published today has found.
A large number of potential tenants continue to want to rent property in Belfast, and the average monthly rent in the city was £572 at the end of June, figures compiled by online agency Citylets showed.
That was £1 up on last year.
Demand for two-bedroom flats and apartments rose, however, and the average price paid up 4.1% on the year to around £565 a month while the price paid for two-bedroom houses fell by the same percentage to £446 a month.
Rental market analyst Dan Cookson said: "With no real sign of an end to Northern Ireland’s continuing house price decline, many prospective first time buyers are unable to take advantage of the reduced prices because of constraints to finance – and this is keeping them renting for longer."
Citylets said that it was clear landlords had enjoyed steady returns recently.
According to their rental index, Belfast rent prices have risen by 2.1% since 2008, but house prices have fallen by 44% in the same period.
And annual returns on investment look set to keep rising, so potential landlords should consider buying-to-let.
Mr Cookson said the trend was good news for renters too, because as the quality of rented homes improves people see it as a way to "weather the recession".
And Nicholas Brennan of Morton Pinpoint said that in some parts of North Belfast, rental yields are approaching 10% of properties' capital value.
(NE)
A large number of potential tenants continue to want to rent property in Belfast, and the average monthly rent in the city was £572 at the end of June, figures compiled by online agency Citylets showed.
That was £1 up on last year.
Demand for two-bedroom flats and apartments rose, however, and the average price paid up 4.1% on the year to around £565 a month while the price paid for two-bedroom houses fell by the same percentage to £446 a month.
Rental market analyst Dan Cookson said: "With no real sign of an end to Northern Ireland’s continuing house price decline, many prospective first time buyers are unable to take advantage of the reduced prices because of constraints to finance – and this is keeping them renting for longer."
Citylets said that it was clear landlords had enjoyed steady returns recently.
According to their rental index, Belfast rent prices have risen by 2.1% since 2008, but house prices have fallen by 44% in the same period.
And annual returns on investment look set to keep rising, so potential landlords should consider buying-to-let.
Mr Cookson said the trend was good news for renters too, because as the quality of rented homes improves people see it as a way to "weather the recession".
And Nicholas Brennan of Morton Pinpoint said that in some parts of North Belfast, rental yields are approaching 10% of properties' capital value.
(NE)
Related Northern Ireland News Stories
Click here for the latest headlines.
21 February 2023
Housing Executive Announces 7% Rent Increase
The Northern Ireland Housing Executive (NIHE) has announced a 7% rent increase from 04 April, 2023. This equates to an average increase of £4.86 per week and will bring the average rent for a Housing Executive home to £74.
Housing Executive Announces 7% Rent Increase
The Northern Ireland Housing Executive (NIHE) has announced a 7% rent increase from 04 April, 2023. This equates to an average increase of £4.86 per week and will bring the average rent for a Housing Executive home to £74.
17 May 2011
Belfast Rent Prices Climb 4%
Property renters living in and around Belfast are paying 4.2% more in rent than they did a year ago, according to the results of a new report published today.
Belfast Rent Prices Climb 4%
Property renters living in and around Belfast are paying 4.2% more in rent than they did a year ago, according to the results of a new report published today.
10 February 2011
Harsh Winter 'Moderates NI Rentals'
Anxiety over falling house prices, job security and obtaining an affordable mortgage continued to prop up rental values in Belfast in 2010. However, a new report also revealed today that after the hefty 7% jump in private rent prices recorded over the first nine months of 2010, prices fell by 4.
Harsh Winter 'Moderates NI Rentals'
Anxiety over falling house prices, job security and obtaining an affordable mortgage continued to prop up rental values in Belfast in 2010. However, a new report also revealed today that after the hefty 7% jump in private rent prices recorded over the first nine months of 2010, prices fell by 4.
09 August 2023
DfC Launches Consultation On Funding For New Supply Of Affordable Homes
The Department for Communities (DfC) is seeking views on the delivery of new funding to introduce a new supply of Intermediate Rent homes. Growing the supply of more affordable, better quality homes for rent with longer-term tenancies is a key commitment for the Department for Communities.
DfC Launches Consultation On Funding For New Supply Of Affordable Homes
The Department for Communities (DfC) is seeking views on the delivery of new funding to introduce a new supply of Intermediate Rent homes. Growing the supply of more affordable, better quality homes for rent with longer-term tenancies is a key commitment for the Department for Communities.
27 October 2021
Green Party Proposes Rent Control Scheme For Belfast
The Green Party NI has proposed the introduction of a rent control scheme in Belfast, urging Belfast City Council to support the motion. The party's Deputy Leader, Cllr Mal O'Hara, who introduced the motion, said: "We are currently in a cost of living crisis and a housing crisis, yet already unaffordable rents continue to rise.
Green Party Proposes Rent Control Scheme For Belfast
The Green Party NI has proposed the introduction of a rent control scheme in Belfast, urging Belfast City Council to support the motion. The party's Deputy Leader, Cllr Mal O'Hara, who introduced the motion, said: "We are currently in a cost of living crisis and a housing crisis, yet already unaffordable rents continue to rise.
-
Northern Ireland WeatherThis Evening and Tonight:Dry and bright at first but some areas of low cloud developing and spreading west through the evening and overnight. Cloudier in the south with a low risk of heavy shower here. Minimum temperature 8 °C.
