Lettings Market Update - 16/09/21
As Bradford and the surrounding areas have gradually returned to a pre-pandemic normal, the rental market has seen a huge increase in demand.
What’s changed in the rental market?
According to Zoopla’s most recent UK rental market report, there was “a surge in demand for rental properties in August, especially in cities”.
In fact, the demand is so high that it has created an imbalance with the volume of rental properties available. This has resulted in the average time to let a property to be just over two weeks which is the fastest it has been since 2016, and the rate of properties being rented is around a week faster than this time last year.
What properties are in demand?
City centre rentals are in huge demand at the moment in comparison to 2020. Zoopla cites the reopening of offices, the return of students requiring accommodation, and the leisure industry’s return as the reason why more people want to be based centrally. It is expected that the desire for these types of rentals will only grow in the coming months.
What does this mean for tenants and landlords?
We would recommend tenants seeking a rental property to be prepared to act quickly. This will reduce the risk of missing out due to demand being so high.
It is a great time to let properties at the moment due to the rocketing demand. With rentals being so sought after, landlords have had more options in selecting the right tenants for their properties. Now is a better time than ever to invest in a rental property and our property experts at Robert Watts are on hand to help you take the first step!