Rental market bounce back
There has been an exodus from cities to more rural locations, of students and young professionals returning to family homes. Due to this, many landlords are fearful of rental voids. Almost a third (32%) of tenancies across England and Wales are due to expire in Q2, which make them most vulnerable to Covid-19. London is more protected than other regions with just 24% set to expire. Landlords of student properties expiring during this period with tenancies already in place for the new academic have minimal risk. Our admin team are currently processing paperwork for all future tenancies, ensuring our landlords have security of a new let.
If your property is still on the market for the new academic year hope is not lost. We’ve been securing new lets for properties since lockdown through video viewings and virtual tours. The properties that have the most interest and are subsequently renting, are those of a higher quality. Call one of our property experts if you would like any advice on how to present your property, realistic advertised rent and possible improvements to ensure your property appeals to applicants.
Liverpool, Sheffield, Leeds and Birmingham are among the cities most vulnerable to extended void periods with more than 35% of rentals expiring before June 2020. Landlords should be pro-active in seeking to retain tenants through this period, well in advance of lease expiries.
The future of the rental market looks bright and is already starting to bounce back. It is suggested the rental market will recover faster than the sales market. However the property market in general may see a sharp increase in home moves due to corona. Its is speculated this could be thanks to people being ‘cooped up’, which may result in an increase in divorce, a baby boom, therefore needing a larger home, or simply feeling fed up of their current place, yearning for a garden, home office or more space. Zoopla have reported ‘…Demand for rental property increased by 30% in the two weeks to 14th April…’
Read the full Zoopla research on the rental market bounce back here.
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