Updates to the NI Rental Market June 2024

Over the past year, new tenancy legislation has been introduced to enhance tenant protections and improve rental standards. These changes include extended notice periods and stricter regulations on obtaining deposits. Additionally, further legislation regarding smoke and heat regulations is on the horizon so now, more than ever, it is crucial for landlords to ensure compliance to avoid fines. Employing a property management company is an excellent way to navigate these regulatory changes effectively.

 

The rental market in Northern Ireland, particularly in Belfast, has seen substantial changes over the past 12 months. The average rent in Belfast last year for a two bedroom property was £780 per month, the average this year for a similar property is now closer to the £850 per month mark - this increase has come as a reflection of the heightened demand with limited supply for rental properties with prospective tenants continuing to bid higher rent offers in order to secure desired accommodation. 

If you haven't reviewed your rental income recently, now is the time to use our free valuation tool to ensure you are achieving the maximum for your property.