TENANT DEMAND AT ALL TIME HIGH
18 March 2011
Much has been written about the rental market in the past year in the rental market, but what is going on at the coal face?
Since our last newsletter, demand has remained consistently high across all six of our offices, with our offices recording 63% more registrations than this time last year. This has been caused primarily by very constrained stock in the first few months of this year. We commissioned a survey of other local agents and found that an astonishing 11 of the 13 agents that we interviewed did not currently have a single two bedroom property on their books. Our new instruction level is still strong, so fortunately we still have plenty to show the 400+ applicants who are registering with us every week, but it's very much a landlord's market at the minute.
Alex Vinter (Commercial Director) comments, "We have seen an increase in people wanting to remain in their properties for a further term as they have been finding it hard to find comparable properties". Alex says, "Not so long ago, we would see applicants viewing 5-7 properties over a 2 week period before deciding; this has shifted and applicants are viewing 10-12 often unsuitable properties and are actively looking for a month". Now is a great time to take advantage of disproportionate demand, so do let us know if you have any other properties that we can help you let.
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