The imbalance between high tenant demand and low rental stock is supporting asking rent rises and has led to competition between tenants for the rental properties available nearly doubling (+94%) compared to the same period last year.
Total rental demand is up by 32% compared to this time last year, while the number of available rental properties is 51% lower. This has led to available rental properties being snapped up by tenants in just over two weeks (17 days) on average.
However, the number of available rental properties is 7% higher than the same period in December, a sign of availability improving at the start of the year.
Flats have seen the highest increase in competition compared to last year (+132%), followed by terraced houses (+40%) and semi-detached homes (+30%).
Tenant tips – How to secure a rental home in a busy market:
1. Use Rightmove’s Instant Alerts to get instant, daily or weekly email updates about new available rental properties that have come to market
2. Book a viewing as soon as possible when a property you’d like to rent becomes available, giving you the best chance of seeing it first
3. Demonstrate to the landlord or letting agent that you will be a good tenant for the home, such as making sure to be on time for a viewing. Landlords understand the value of a good tenant, and want someone who can be reliable and will treat the home well
4. Be prepared, and make sure to have all documents and details ready in advance so that you can move quickly
5. Have your finances in order for the initial monies due, and where possible, be flexible with things like move in date to make your offer even more appealing
Landlords if you are looking to rent your property or wish to discuss lettings then contact Lucy on 01524 68811 or lucy@suebridges.co.uk
