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BoominProperty AdviceProperty NewsDespite the Pandemic Odds, Tenant Demand Reaches 5-Year High
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Despite the Pandemic Odds, Tenant Demand Reaches 5-Year High

The latest figures suggest tenant demand across the country is five years strong.

Aug 09, 2021

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3 min read

Despite the Pandemic Odds, Tenant Demand Reaches 5-Year High

Fresh figures from Paragon Bank has revealed that tenant demand reached a five-year high during the final quarter of 2020. This is welcome for many landlords who have endured volatile economic conditions and rising unemployment hitting tenants’ income.

The research, involving over 800 landlords, showed clear regional differences when measuring growing tenant demand. The South West came in first with 58% of landlords reporting growth. Other strong regions included the West Midlands (48%), Wales (44%) and the South East (42%). With the exception of Central London, which reported just 10% of landlords recording a rise in demand, all regions have seen a ‘significant increase’.

Continuing into the final quarter of 2020, there were strong levels of people looking for rental properties. This may relate to renters hoping to secure a new property ahead of any new lockdown restrictions, which of course came from November onwards. 

In search of stability

The housing market is also seeing high levels of tenancy renewals, leaving landlords with shorter void periods. Q2 saw shorter voids as the market remained high thanks to more tenants choosing to remain in their rental property. With soaring house prices and fierce buyer competition, tenants chose to stay in the rental market and secure stability in the form of renewing their lease. In Q3 and Q4 2020, savvy tenants negotiated discounts when renewing another year, yet June 2021 was the first month since the start of the pandemic where, on average, no discounts were granted on renewals.

Additionally, the study found that levels of landlord confidence edged up year-on-year during Q4 2020. Landlords typically felt more confident about their rental yields, capital gain and the UK private rental sector. While total ‘normality’ is far from reach, the data shows that a clear rebalancing process is underway.

How Boomin can help

The buy-to-let sector may have had a rough ride as of late, but families continue to rely on the UK rental market heavily to keep a roof over their head. As a result, many cities continue to provide great opportunities for buy-to-let investors.

With Boomin, your property has maximum exposure, enabling you to reach more potential tenants, faster. Tenants will be able to see details about your property before the full listing is ready, allowing you to minimise voids. They can book viewings online 24/7 with reliable Lettings Agents.

Find out how our unique features can help you rent out your house and book your free rental valuation today. 

In short…

  • Data reflects greater tenant demand across the country
  • There are high numbers of renewals, resulting in fewer void periods for landlords
  • Continued reliability on the UK rental market means short void periods
  • When looking to invest, consider the demand, initial cost and good rental yield
  • Take advantage of the considerable tenant demand by booking a rental valuation today
  • Boomin’s early access features allow tenants and landlords to connect more rapidly and seamlessly than ever before – all led by a professional Letting Agent.