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Rental Market Accelerates
As the UK moves towards summer, the lettings market is about to enter its busiest season. Recent data illustrates a substantial rise in tenant demand, with agents preparing for an acceleration in the market. Here's a detailed look at what the coming months could hold for both agents and renters.
The Lettings Surge: A Seasonal Analysis
- When Does the Busy Season Begin?: Based on analysis of tenancy start dates over the past five years, the market begins to gain momentum in June. Nearly one-third of all tenancies start between July and the end of September, making it a crucial time for agents and prospective tenants alike.
- The Current Scenario: The demand for rental properties has significantly risen in the three months leading to April, according to RICS. However, new instructions remain low, fuelling rental price growth.
Renters’ Priorities: What Matters Most
- Affordability: A top concern for renters, affordability drives many decisions within the rental market.
- Outside Space: With the pandemic shifting focus towards outdoor spaces, the demand for properties with gardens or balconies has increased.
- Broadband: As remote working continues, 79% of tenants are interested in knowing the broadband speed. However, this information is not always included in property marketing.
- Running Costs: A whopping 87% of tenants are keen to understand the running costs of a property before committing, showing a conscious shift towards economic awareness.
Conclusion
For agents operating in the lettings market, the busy season is an opportunity to align services with the current demands of renters. Including information about broadband speed and running costs, as well as focusing on properties that offer outside space, could resonate with prospective tenants.
For renters, the coming months will be a time of great opportunity but also competition. Being prepared and knowing what to look for can make the process smoother.
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