Rental properties – the market after Coronavirus
The economy has experienced a significant shock since the coronavirus pandemic and the market is changing for rental properties. And, despite a recent bounce back, rental demand across the UK remains significantly impacted by coronavirus, according to Zoopla. However, the flexibility of the rental market has allowed activity to bounce back more quickly than compared to the sales market. The latest snapshot produced by PropTech firm Goodlord shows ‘huge gains for the lettings market’ since the market started moving last month. The few weeks in June has seen both new and completed applications above 2019 levels, marking a rapid bounce back for the rental market.
Demand for rental properties
There has been a sharp rise in demand for rental homes as more people start planning for life after the existing lockdown, new figures show. The short-term demand for rental properties has steadily gained paced with the single busiest day for new applications being 2nd June 2020, when they hit 112 per cent of the volumes recorded on the same day in 2019. It’s important that in these tough times, landlords continue to see a return from their buy-to-let investment. If you have a property ready to let out, now would be the time to start sourcing tenants. This is due to a high level of demand from the market standing still for nearly 3 months. And, if the property has a garden or outdoor space it could help you secure a better level of rent.
Life after lock down
Since the outbreak of the deadly virus, some tenants across the country were given rent-free accommodation up until 25th June as millions of people lost their jobs in wake of the crisis. But landlords are facing ongoing issues to resume rentals to some form of normal again. There is no doubt the rental market has taken a huge hit, but it seems there are signs of the market repairing. And, figures show more people are requesting online viewings in order to rent a new property.
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