It is fair to say the start of 2021 has been as challenging as most of 2020, but there are some constant elements in life to look out for. The demand for rental property has remained robust, and if you are a landlord, you can take comfort from the sustained demand for rental property.
We are here to assist landlords in and around Peterborough as best we can. At Just Lets, we know the local market, and we stay in touch with what tenants want. We also make sure we stay in touch with the latest national figures and news, which means you receive all the information you need to make an informed decision.
Demand for rental property rose at the start of this year
According to ARLA Propertymark, demand for rental property rose by 27% in January 2021, and the number of new prospective tenants registered per branch (on average) stood at 81. This is up, significantly, from the average of 64 in December 2020.
In January 2020, the number of new prospective tenants stood at 88, so the 2021 figure is marginally lower, but generally, it is a positive figure when you think of the upheaval of the past year.
Supply of rental stock
There were contrasting fortunes for the number of properties related to each branch.
There was a fall from the December 2020 to January 2021 figures, moving from 204 to 196. However, when you consider the January 2020 and January 2021 figures, there was an increase from 191 to 196.
Rent prices
39% of agents experienced landlords increasing rent in January 2021 compared to 30% in December 2020. However, in January 2020, 42% of agents experienced landlords increasing rent, so the annual figure represents a fall.
The number of tenants who negotiated a rent decrease dropped from 2.2% in December 2020 to 2% in January 2021.
This is higher than the January 2020 figure, where only 1.3% of tenants successfully negotiated a rent decrease.
Mark Hayward, Chief Policy Advisor, Propertymark, said: “Our latest figures clearly show that the rental market isn’t indicating any signs of slowing down as demand for rental properties surged last month. Letting agents are continuing to support landlords and their tenants during these ongoing difficult times, and it is imperative that tenancies are maintained to keep the rent flowing.”
Mark Hayward also said; “Now we have a route out of the current lockdown, it is vital that continuity in the private rental sector is maintained to continue to help the nation’s economic recovery from the pandemic. To do this, the government must consider introducing a financial support package for those tenants who have built up rent arrears due to the financial impact of Covid-19.”
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.
