Rental market may buck the usual seasonal lull

Rental market may buck the usual seasonal lull

10:21 AM, 31st July 2020, About 4 years ago

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ARLA Propertymark’s PRS June report for Letting Agents (click here to download) showed the number of tenants experiencing rent rises has increased. 29% of agents reported landlords raising rent compared to only 14% in May. However, this is still the lowest number for the month of June since 2016.

Other key findings found the number of prospective tenants reached an all-time high for the month of June with 79 prospective tenants registered per agency branch. However, this is less than pre-pandemic numbers with this February recording an average of 82 prospective tenants registered. The number of properties managed per branch was at a record June high of 200, but down from 208 in May.

Phil Keddie, ARLA Propertymark President, said: “Our latest figures show that the rental market is continuing to pick up following the COVID-19 lockdown.

“The record-breaking supply of rental stock and demand from tenants for this time of year paints an optimistic picture for the summer months, indicating that the market will be more active than the usual seasonal lull.

“As the market continues to recover from the pandemic, it’s essential that everyone continues to keep up with their rent in order to sustain the market and help boost the economy during these uncertain times.”

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