Tag: real estate news chicago

62% of Buy to Let Landlords Report Increase in Tenant Demand

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In the midst of the current economic climate, the demand for rental properties has seen a significant upsurge, the latest studies show.

A recent 2023 Landlord Report has seen 62.24% of buy-to-let landlords state they have experienced an increase in demand for their rental properties over the last 12 months.

The research comes courtesy of specialist property finance broker Finbri where an associate has highlighted how owing to the “continued instability of the mortgage market and the UK economy, rental property demand is rising. Due to prolonged uncertainty, first-time buyers are postponing entry into the market.”

Landlords in Central London report even higher figures – with an astonishing 94% of landlords reporting increased demand according to a survey undertaken by specialist buy-to-let lender Paragon Bank.

In turn, rooms in HMO’s (housing in multiple occupations) have seen their rents reach record heights as tenant demand far outweighs supply. SpareRoom outlined how tenant demand hit a nine-year high last August – which corresponds to the wider rental market witnessing a 23% year-on-year growth in demand for rental properties.

This heightened demand shows no sign of slowing down anytime soon as tenants withhold trying to get onto the property ladder at present. In

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Edmonton real estate market predicted to slow down to pre-pandemic levels this year

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The Realtors Association of Edmonton is predicting the market will “normalize” this year to levels not seen since before the pandemic.

Sales, listings, and prices are expected to drop across all property types, Melanie Boles, RAE chair said, which will bring them in line with 2019 levels and previous years.

“When compared to long-term trends, 2023 will still be a strong year,” Boles said in a statement.

The association held its annual housing forecast event Wednesday, where real estate agents and prospective home buyers and sellers can grasp market predictions.

According to the predictions for 2023, the market is expected to be balanced due to nearly equal supply and demand levels.

The report notes an increase in demand for apartments and condos, an increase in luxury real estate, and an influx of out-of-province residents.

The forecast shows detached home prices are expected to drop 2.9 per cent year-over-year.

Semi-detached homes are predicted to see a price drop of 2.4 per cent and for row and townhouses – a 1.4 per cent decrease is expected

The RAE is predicting a 1.1 per cent decrease in average price for apartments and condos compared to last year.

Boles said that compared to long-term

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