Say goodbye to the housing shortage, say hello to the renter shortage

Remember those hairy stories a few months ago about rents increasing at double digit rates and how buy-to-let yields were increasing. Now, BTLers are offering free months as their frantically search for renters.

“Pay for 12 - get one free”: this is not an offer for tins of beans at the supermarket but the latest in creative marketing from lettings agents. A glut of rental property on the market has forced agents to adopt supermarket-style selling tactics to win over potential renters.

“Free” months are one of many incentives that tenants can now choose from. As house prices fall, the increasing number of homeowners who are opting to let rather than sell has given bargaining power back to people who are choosing to sit out the downturn by renting rather than buying.

It has never been a better time to rent.