8:01 AM, 3rd November 2022, About 3 months ago 1
The volume of viewing requests from potential tenants has risen so steeply that some landlords are now putting adverts for their properties on hold as they deal with the elevated level of demand, research reveals.
With competition fierce among renters, it’s now taking an average of just four days to let a rental property, according to the latest lettingaproperty.com figures.
Jonathan Daines, the firm’s founder and chief executive, said: “We’ve seen a significant increase in property enquiries over recent months, with many landlords receiving more than 50 viewing requests and some receiving more than 100.
“It’s definitely a landlords’ market, with fierce competition for rental properties leaving many tenants disappointed.”
The online lettings platform says that between Q2 2022 and Q3 2022, the average number of viewing requests per property rose by more than 25%, from 19 to 24.
October 2022 saw a further rise, with multiple properties attracting viewing requests in triple digits, and one London landlord receiving 134 viewing requests.
The platform points out that while competition for properties is challenging for renters, it can also be a problem for landlords with many facing mortgage rate increases, but the security of rental income is reducing.
The team is also working with landlords and tenants to support communication and negotiation around any proposed increases to rents.
Some landlords are being forced to increase rents due to rising mortgage costs, though lettingaproperty.com has found that others are doing what they can to avoid this.
Mr Daines said: “This is a testing time for the rental sector, with both tenants and landlords feeling the strain.
“Interest rate rises, falling rental stock and increased competition between tenants are all interconnected.
“Eyes across the sector will be fixed on the Bank of England’s Monetary Policy Committee as a further rate rise is likely to ratchet up pressure on the sector.”
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