Tenants Queuing Up: demand outstrips supply

The number of new prospective tenants is at its highest level ever according to the August 2020 Private Rented Sector report just released by ARLA Propertymark.

The average letting agency branch registered 101 new tenants last month, breaking July’s previous record of 97. The average tenancy length is also at an all-time high for the month of August with tenants now staying in their properties for an average of around 21 months.

At Baillie White Lettings & Management, we've had a really high number of enquiries in recent weeks from excellent prospective tenants looking for 1 - 3 bedroom properties to rent within Benfleet, Canvey Island, Basildon, Hadleigh and Southend. Whilst it's great to have such a high number of quality applicants on our database, it is always disappointing to be unable to offer homes to all of them.

The current boom is expected to die down into 2021, but at the moment there appears to be no let up in the demand, as supply is not increasing to keep up. In fact, as increasing legislation and tax pushes many private landlords out of the sector, demand is likely to remain high, in Essex at least.

“With Covid-19 lockdown restrictions starting to increase again as we head towards the colder months, it’s more important than ever for landlords to communicate well with their tenants, and that tenants continue to pay their rent to ensure the market remains strong over the next period” explains ARLA Propertymark president Angela Davey.

If you or someone you know has a property coming to the rental market soon, I'd love to speak to you and matchmake your property with your perfect tenants. As an added bonus I am currently offering a £25 Amazon gift voucher for successful referrals to market. Give me a call on 01268 955001.