Posts with tag: rental market

Short-term rental market research pinpoints London hotspots

Published On: May 17, 2022 at 12:55 pm


Categories: Landlord News,Lettings News,Property News

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Research into London short-term lets has found that Westminster provides the greatest level of rental stock choice.

London rental platform Rentd analysed current rental availability for short-term rentals across the London market to reveal which boroughs were home to the highest level of short-term rental stock.

The market analysis shows that there are some 66,641 short-term rentals currently listed to let across the London rental market. 

Westminster is the capital’s short-term rental market hotspot, with 11% of all available short-term rental properties found within the borough.

Tower Hamlets ranks next, accounting for 8.3% of London’s short-term rental availability, followed by Hackney (7.7%), Camden (6.8%) and Kensington and Chelsea (6.8%). 

In contrast, Havering, Sutton and Bexley are home to the lowest levels of short-term rental availability, with each borough accounting for just 0.4% of total short-term stock each. 

Ahmed Gamal, Founder and CEO of Rentd, comments: “Short-term rentals form an integral part of the rental market and for many, they are the vital stepping stone between moving to a new town or city and finding that perfect long term rental property. 

“For others, they provide a preferable option to hotel living when working away from home for a prolonged period and providing this flexibility is as important as the need for long term rentals within the sector, perhaps more so in major cities such as London.”

High demand is causing tenants to miss out on rental properties

Published On: January 31, 2022 at 10:26 am


Categories: Lettings News,Tenant News

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Tenants are struggling to find a property in the current rental market, says property portal MoveStreets.

It says high demand and a time-consuming application process are causing many to miss out. The property portal’s research found that 40% of tenants described their recent hunt for a rental home as difficult and half of them also said it took far longer than they expected before they were able to secure a property.

With demand higher than ever and stock levels failing to keep pace, tenants are having to act fast if they want to stand a chance of securing their chosen rental home, MoveStreets says. Even when they do, MoveStreets found that they are still being ‘beaten to the punch’ by other tenants.

73% of tenants found one to two properties that they classed as perfect, but these were let to someone else before they had a chance to secure them. 

For 18%, this occurred on between three to five rental properties, with 9% missing out on six or more rental properties during their search.

74% of tenants said that relaying their requirements and having to undergo the referencing process with multiple letting agents was a time-consuming process.

Adam Kamani, CEO and Co-Founder property portal of MoveStreets, comments: “The number of us reliant on the rental sector has grown steadily over the last decade and tenant demand has never been higher. As a result, the rental market has become a very competitive space where multiple tenants are fighting it out for a single property, while those who are unsuccessful are forced to go back to the drawing board.

“If you are looking to secure a rental property you really need to plan in advance and attack the process as a full-time endeavour. This can be hard, particularly if you are working or moving to a completely different area, but all too often a property that may be available in the morning will have already been let by the time you clock off in the evening.

“Being able to act fast can put you ahead of the pack and the ability to view and begin the paperwork process immediately after viewing is the best way to ensure you don’t miss out.

“Before you start your search, get a good idea of what sort of information will be required from you and create a document that you can adjust and send to each letting agent as soon as they request it.

“You can also register your interest for new rental properties, so research which letting agents are operating in your desired area and make sure you’re on their mailing list.

“Persistence is key and while it can feel like an uphill struggle at times, stay positive and proactive and you will find the right property.”

Tenant applications for London rental properties double in last six months

Published On: November 10, 2021 at 11:07 am


Categories: Lettings News

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The number of new lettings applicants in London climbed by 34% in the six months between October 2020 and March of this year, compared to the previous six months (April 2020 to September 2020), research shows.

However, this analysis from London estate agency Bective also reveals that the level of tenant applications for London rental properties has more than doubled in the last six months alone. It is up by 104% versus the previous six months (October 2020 to March 2021) and 173% when compared to the peak of the pandemic last year (April 2020 to September 2020).

Bective’s research shows that this tenant interest is also becoming apparent beyond the lettings application stage.

39% of London rental properties listed on the market have seen a let agreed in the last six months, according to the findings. This is up from 36% between October 2020 and March 2021 and 33% between April 2020 to September 2020. The number of rental properties as a proportion of all stock listed online (sales and rentals) has also started to drop, following a surplus on the market due to a drop in demand.

The research highlights that just 34% of all properties listed are now rental properties, down from 42% in the previous six months and 42% in the six months prior to that.

Thomas Dainty, Bective’s Head of Lettings and Property Management, comments: “It’s fair to say that the green shoots of rental market positivity that had started to spring at the back end of last year have now blossomed quite considerably and we’re now seeing the London rental market start to build a real head of steam.

“Not only are we seeing a strong uplift in the number of those enquiring, but these enquiries are also converting which is something we simply weren’t seeing during peak periods of pandemic uncertainty.

“This renewed intent is helping to clear the backlog of rental market stock that had otherwise sat dormant for much of last year. The result of which has been a boost to rental values and we anticipate rents to recover to pre-pandemic levels as a result of this continued demand and positive sentiment.

“We’ve already started to see rental values climb considerably for homes providing more space and the most suitable units have been subject to multiple bids, with the rent achieved up by some 10% on last year already.”

The six-month changes in new lettings applications and total levels of tenant demand and rental stock levels

Time periodChange in new lettings applications %Tenant demandRental stock
Apr 2020 to Sep 2020N/A33%42%
Oct 2020 to Mar 202134%36%42%
Apr 2021 to Sep 2021104%39%34%
SourceBective applications via Rightmove, Zoopla, On the Market and their own websiteRightmove (based on the number of rental properties Let Agreed, as a percentage of all rental properties listed)Rental properties as a percentage of all stock listed (sales and rentals)

Current London rental market values exceed pre-pandemic levels

Published On: November 3, 2021 at 10:09 am


Categories: Lettings News,Property News

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Rental values across London have exceeded pre-pandemic levels in all but three areas, the latest property market analysis from Benham and Reeves shows.

The research shows that between 2019 and 2020, the average London rent price fell -3.4%. Some areas of London saw an even greater impact, with Camden rental values plummeting -20.7% in a year.

However, the London lettings and estate agent found that in 2021 tenant demand returned and current rental values now sit 9.4% higher than they did during 2020.

Rents prices are up 20.1% year on year in Kingston, with Bexley (18.3%), Newham (15%), Croydon (14.1%) and Hillingdon (13.6%) also amongst the largest increases. The City of London remains the only area yet to recover, with rental values still down -11.4% annually.

While a bounce-back from pandemic decline is encouraging, Benham and Reeves say the real positivity lies within the fact that the average London rent is now 5.7% higher than it was in 2019, prior to the market slowdown. Only the City of London (-22.5%), Camden (-18.9%) and Westminster (-4.6%) are yet to see rental market values return to pre-pandemic levels.

They also note that the volume of properties they are seeing let to tenants is up 67% year-on-year and 22.7% versus pre-pandemic levels, while landlords are now securing re-let rental prices some 10% to 20% higher than they were prior to the COVID-19 outbreak.

Marc von Grundherr, Director of Benham and Reeves, comments: “The London rental market has arguably been the worst hit as a result of the pandemic and we’re unlikely to see a period of such unexpected uncertainty again in our lifetime. Demand for rental homes evaporate almost overnight during the pandemic causing a surplus of stock on the market while rental prices plummeted.

“But the London market is nothing but resilient and when the tide starts to turn, it turns very quickly indeed. We’ve seen house prices in the capital enjoy the largest monthly bounce of all regions in a single month having trailed the rest of the nation for almost two years and the same revival is also apparent across the rental market.

“Demand is lifting and rental values have not only recovered, but they’ve also exceeded levels seen prior to the pandemic. Even better still, we’re seeing further positivity in the trenches and this current market activity is yet to materialise at a topline level where market statistics are concerned.

“As a result, we can say with confidence that the London rental market decline is now firmly behind us and so any lower confidence forecasts of further price reductions can now be disregarded with yet further positive growth forecast for 2022.”

Major cities in Britain you are most likely to find a furnished rental property

Published On: July 23, 2021 at 10:45 am


Categories: Tenant News

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Research by Manor Interiors has revealed which major cities offer the best availability of furnished rental stock across the market.

The build-to-rent furnishing solutions specialist analysed current rental market stock across 24 major cities in Britain, as well as the nation as a whole, looking at what percentage of homes listed offered the convenience of coming fully furnished.

50% of all rental homes in Britain currently listed to let are furnished.

Aberdeen ranks top as the nation’s furnished rental hotspot, with 89% of all rental properties coming fully furnished.

The majority of rental properties in Edinburgh also come furnished, at 85%.

Leeds appears to be the best bet for finding a furnished rental home in England, with 84% of all rental stock coming furnished. Close behind is Newcastle, at 81%.

Swansea ranks top in Wales (78%), with Birmingham (74%), Manchester (73%), Sheffield (72%), Plymouth (71%) and Leicester (71%) also ranking within the top 10.

In contrast, only 22% of rental homes listed on the market in Newport are fully furnished, with Bournemouth (34%) and Bradford (39%) also home to some of the lowest levels of furnished rental homes.

Farhan Malik, CEO of Manor Interiors, comments: “While the rental sector has traditionally acted as a stepping stone to homeownership, we’re now seeing far more people opt to rent as a long term lifestyle choice.

“The convenience and flexibility of renting long term really resonate with the modern-day tenant and we’re starting to see the rental sector evolve to meet these needs, particularly through the build-to-rent sector.

“Furnished homes are just one aspect of this evolution and presenting a stylish, practically furnished home is a sure-fire way to grab the attention of tenants above and beyond your average rental home.

“However, you don’t need to break the bank to achieve this but you also want to refrain from filling your rental home with cheap furniture that is likely to need replacing by the time the next tenant enters the home. Bespoke, high-quality furniture can be purchased for a reasonable price whether you’re fitting out one buy-to-let home, or a hundred units within a build-to-rent development.”

The major cities with the highest proportion of furnished rental homes as a percentage of all rental homes listed on the market

LocationAll rentalsFurnished rentalsFurnished %
Great Britain183,41990,91350%
Data sourced from Rightmove – 15/07/2021

Rental stock research reveals university areas with highest rental demand

Published On: July 14, 2021 at 8:29 am


Categories: Lettings News

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Student accommodation platform UniHomes has researched which universities are seeing the greatest rental demand from new students, as the beginning of a new academic year approaches.

UniHomes’ Student Rental Hotspots Index looks at the UK’s top 100 universities. Every quarter it highlights which ones are currently experiencing the highest demand for student rental accommodation. This demand is based on the number of student homes listed on the market that have already had a let agreed as a percentage of total stock available.

The Q2 index shows that there is currently a tie for the highest level of student demand. Both the University of St Andrews and the University of Cambridge rank top, with 60% of all rental stock listed around each university already taken.

The University of Nottingham is also home to some of the highest levels of demand at 44%, with the University of York (42%) and the University of Glasgow (42%) making the top five as well.

Other universities seeing some of the strongest levels of student rental demand include the University of Essex (34%), the University of Southampton (31%), Aston University, Birmingham (29%), Durham University (27%) and the University College London (27%).

Phil Greaves, Co-Founder of UniHomes, comments: “As thousands of students begin moving into their student accommodation for the fast-approaching academic year, the return to in-class learning this year is still pushing high rental demand surrounding the nation’s universities.

“Despite much of the last year’s learning being done in a virtual capacity due to the pandemic, we’ve seen many students remain keen to carry on renting within their chosen university city and this has provided some much-needed certainty for student landlords.

“If you haven’t yet secured your student accommodation for the new academic year then don’t worry. While demand around many universities is high, there is still plenty of stock on the market for those looking to the year ahead.”

Table shows the top 10 UK universities for current student rental demand
UniversityMain Campus OutcodeStudent Rental Demand
University of St AndrewsKY1660%
University of CambridgeCB260%
University of NottinghamNG744%
University of YorkYO1042%
University of GlasgowG1242%
University of EssexCO434%
University of SouthamptonSO1731%
Aston University, BirminghamB429%
Durham UniversityDH127%
University College LondonWC127%
Data sourced from Rightmove based on student rental stock available as a percentage of all student rental stock including that which has already had a let agreed.