Letting brokers are receiving 25 tenant enquiries for each rental residence

In case you’re in search of a brand new residence to hire, you might have already got first-hand expertise of how busy it’s proper now.

Prior to now two years, common rental costs have stored rising, and extra folks wish to hire houses than there have been properties accessible. In actual fact, the variety of tenants seeking to transfer now, in comparison with 2019, has elevated by greater than 40%, whereas the variety of accessible houses to hire has dropped by 35%.

Consequently, letting brokers at the moment are receiving a mean of 25 e mail and telephone enquiries from potential tenants for each residence accessible to hire. This has risen from eight enquiries per property in 2019, and 5 greater than in Could of this 12 months.

Our property knowledgeable Tim Bannister says: “Document rents and way more tenants seeking to transfer than there are houses accessible means it can nonetheless really feel very troublesome for a lot of tenants navigating the market. However there are indicators that issues are slowly bettering.

“The variety of new rental properties coming to the market is now at its highest stage because the finish of final 12 months. Whereas it’s possible that there’s some method to go earlier than this filters by way of to rental costs, if the bettering development between provide and demand continues, we might begin to see the tempo of yearly hire rises gradual extra considerably than it has been.”

What’s taking place with rental costs?

As mortgage charges started to rise in direction of the tip of 2022, and early 2023, some landlords determined to promote moderately than proceed letting out properties. The scarcity of obtainable rental properties to fulfill the degrees of tenant demand is likely one of the the reason why rental costs hold rising.

Exterior of London, common marketed hire for brand spanking new properties has hit one other new nationwide file of £1,278 per calendar month (pcm). That is 10% greater than this time final 12 months. Common rents in London have additionally risen to a brand new file of £2,627 pcm, up 12.1% in comparison with a 12 months in the past.

You’ll be able to test what’s taking place with rental costs in your space in our quarterly Rental Value Tracker.

How can I put together if I’m seeking to hire someplace new quickly?

In such a busy rental market, it may well actually useful to be able to behave shortly to offer your self the very best probability of getting the house you need. You might have already contacted a number of lettings brokers and have viewings organized. Some extra ideas shared by our property knowledgeable Tim embrace:

1. Transfer quick to arrange a viewing

Arrange prompt property alerts, and even make your self identified to native property brokers, to ensure you’re one of many first to find out about a newly listed property

2. Lay out your non-negotiables

This contains your most price range, what number of rooms you want, and the way lengthy you propose on staying on the property. This may assist hold the main target solely on properties which might be best for you

3. Be versatile the place you possibly can

Being open to completely different move-in dates is difficult, however it may be a lovely addition to a tenant utility

4. Be as organised as doable

Have your funds and documentation prepared, so you possibly can transfer by way of the tenancy utility course of easily and shortly

5. Widen your search, in case you can

Residence-hunters are more and more trying outdoors of conventional hotspots when in search of their subsequent property. Increasing your search might open up extra choices to seek out accessible properties, and you possibly can probably discover cheaper houses, too

The header picture for this text was offered courtesy of Ashtons, Harpenden.

READ MORE: What are the present common mortgage charges?