RENTAL MARKET REPORT

THE MEWS RENTAL MARKET BACK DUE TO POPULAR DEMAND Mollie’s rental market report

For us at Lurot Brand, the New Year rental market started with a bang. Throughout the low-key festive period, we continued to receive more enquiries. Tenants were energised in their searches and motivated to make a move. It’s true to say that during 2020 there was a large volume of rental stock available. However, now we are at the beginning of 2021, once again there is a market shift seeing stock levels dwindle. This gearing up of demand for good quality rental properties has not gone undetected by tenants, who are now finding that properties are not hanging around. Tenants are having to be decisive and quick when they find a suitable rental home.

The stronger demand has meant that once again properties are beginning to achieve their current asking rents, albeit lower than in previous ‘boom’ years. Inevitably, the government’s announcement of a third national lockdown at the start of January 2021, due to the escalation of Covid infection rates, initially did put the rental market back on a brief pause. However, people’s impetus and need to move and to secure a rental home in such uncertain times has certainly returned.