Strong Rental Market
Posted on Saturday, 3 April, 2021
“The rental market continues to show no sign of slowing down, as demand for rental properties rose yet again in February. Letting agents have continued to support landlords and their tenants throughout the ongoing Covid-19 difficulties, and it is essential that tenancies are maintained wherever possible to ensure rent keeps flowing.” Mark Hayward, Chief Policy Advisor, Propertymark
The rental market continues to see strong demand despite the challenges caused by the pandemic, with new data revealing that, during February, the number of new prospective tenants rose for the second month in a row. The average number of new prospective tenants registered per branch in February rose to 82 – up from 81 recorded in January.
ARLA also revealed that the number of tenants experiencing rent increases jumped in February as 49% of agents saw landlords increasing rent compared to 39% in January. Year-on-year this figure is also up from 40% in February 2020. The number of tenants successfully negotiating rent reductions remained the same at two per cent in February. Year-on-year this is the same as during February 2020 when the figure also stood at two per cent.
With some Landlords continuing to sell their buy to let properties, this figure remained the same for the fifth month in a row.