Despite the recent ‘rent caps’ 2024 looks set to be a more promising outlook for landlords next year. Landlord profitability has been at its lowest level for 16 years but experts suggest this will all change again, starting in 2024.

Many landlords have responded by selling portfolios and will now be kicking themselves that they didn’t hang in there, and ignore the media storms.

Annual Rent Increase

In Scotland annual private rental prices increased by 6.2% during October 2023. The Scottish Government rent cap only applies to existing tenants (not to new renters) and has been extended until March 2024.

The highest rental increase so far has been witnessed in Greater Glasgow where rents increased by a massive 22.3% or £191 per month.  Next in line for the biggest increase was Lothian, where rents increased overall by 19.8% or £197 per month.

Benefits for Landlords

You can enhance rental yields and increase profitability on your properties and this increase will also attract new buy-to-let investors. If you are considering getting started on your investment journey in 2024, get in touch with our friendly team.

The Predictions

It is predicted that rents could rise 4 times more than house prices over the next 4 years (everything is 4!) prompting landlords to think that being in the buy-to-let industry is definitely worth the effort.  

Challenges & Opportunities

The current market is experiencing lots of regulatory changes and emerging rental demands, but here at Murray Property Holdings we can guide you through with our ‘Earn As You Learn Scheme’ why not find out more by dropping us a line at info@murraypropertyholdings.co.uk