Dealing With Changes In Tenant Demand

A good landlord knows what tenants are looking for, and works hard to attract tenants, and make sure their current tenants are happy.

However, when the things tenants are looking for are changing, it becomes harder for landlords to stay on top of what matters most to tenants. At Just Lets Peterborough, we aim to provide you with as much support and guidance as we can offer in this matter.

It shouldn’t be a surprise to learn the COVID-19 pandemic is creating new demand in the rental market. Some of the most pressing demands in major cities now include:

  • More space
  • Access to a garden
  • Access to a balcony space
  • Having a local park or open space nearby

There has also been some analysis which indicates people are leaving larger cities, such as London.

With remote working offering greater freedom for people, it is likely that people will leave the capital. There might not be the exodus some media experts predict, but there is a strong chance that areas such as Peterborough benefit from greater demand.

The only region of England which has seen rents fall in the past year is Greater London. Conversely, the only region of England which has seen the typical time on market rise is Greater London. Compared to this time last year, it takes, on average, four more days for a landlord to find a tenant here.

Rents are rising in many parts of the country

Areas where rents have risen, caused by a shift in the imbalance between supply and demand, include:

  • A 9.5% rise in the East Midlands
  • A 6.7% increase in the North East
  • A rise of 11% in the North West
  • A rise of 14.7% in the West Midlands
  • A rise of 8% in Yorkshire and Humber
  • A rise of 1.4% in the South-East

Director Doug Shephard said: “While homeworking is not an option for all, this lifestyle change is now a key trend that is reshaping rental demand. Since the Greater London rental market represents nearly half of the UK lettings market, any refocusing of demand towards the regions will have a dramatic effect on the balance of supply and demand. This is why we are witnessing dramatic rent hikes in most English regions, Scotland and Wales.”

Doug Shepherd continued by saying; “In fact, Welsh rents, and home prices for that matter, are rising to such an extent that locals fear of being priced out by newcomers. Wales will certainly not be alone in feeling the knock-on effect of the exodus from the UK’s largest cities.”

If you are a landlord in or around Peterborough, and you need assistance in managing your rental property, 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 peterborough@justlets.com or call us today on 01733 346255.