Information provided by ARLA Propertymark suggests private rented sector tenants are looking for a property than ever before in the United Kingdom. However, landlords are also entering the market in more significant numbers, as there has been an increase in the number of rental properties available.
The organisation’s Private Rented Sector Report suggests there was an average of 97 newly registered tenants in July. This was a significant increase on the 79 new tenants per branch in June of this year. Back in January 2020, which seems a lifetime ago, the highest figure was 88 prospective tenants per agency, so the increase is also real when reviewed alongside pre-COVID figures.
The Private Rented Sector Reports also indicates there was a record high for managed properties per branch in July. An average of 208 rental homes were available per agency branch.
Phil Keddie, president of ARLA Propertymark, said: “Our latest figures show the rental market still continues to gather momentum following the reopening of the housing market in May. We have seen a record-breaking level of rental stock, and demand from tenants continues to grow, providing a positive outlook for the future of the private rented sector.”
It is hard to look at 2020 figures alongside other years, as this is a year like no other. However, it is helpful for landlords to familiarise themselves with what are the traditionally active times of year in the rental market.
Between April and June, enquiries rise in the rental market
As a rough rule of thumb, most landlords experience an increase of enquiries between Easter and the May Bank Holidays. There is a number of factors which might explain this, but the number of Bank Holidays on offer at this time of year, providing many people with three- and four-day weeks, might justify why many people find it easier to arrange rental property at this time.
July and August represent the peak months in the rental market
July and August are recognised as the peak months in the rental market. This ties in with the 2020 figures announced by ARLA Propertymark, and it is easy to justify why this is a busy time of year.
People might have more spare time in the summer months, moving in better weather is easier, and families want to be settled before the start of a new school year.
September is a busy month for towns and cities with a student population
The student market is critical in many buy to let areas, which means the start of the new academic year is a busy time for landlords. While it is best for students to arrange their accommodation in advance, it is no surprise to learn it is a “last-minute” thing for many students.
From October onwards, there are fewer enquiries in the rental market, but there is often an increase in the quality of tenants.
Also, it must be remembered that 2020 is not your standard year. With the UK in recession, and various economic forces in play, there might be a greater than usual level of demand for rental property. Job changes and people re-evaluating their finances often leads to greater demand for rental property.
If you are a landlord in or around Peterborough, and you need assistance in managing your rental property or tax requirements, we can help. We know these are challenging times for landlords, but there is a demand for rental property. When you need guidance in the local market, contact Just Lets Peterborough today, and we will be happy to help you.
You can find Just Lets Peterborough at 142 Oundle Road, Peterborough, Cambridgeshire, PE2 9PJ. Feel free to email us at firstname.lastname@example.org or call us today on 01733 346255.