The lettings market has undergone significant changes in recent years, and with the ongoing pandemic, the industry is facing new challenges. This blog post will discuss the lettings market’s current state and how it affects landlords and tenants.
The rental market remains strong despite the pandemic, with demand for rental properties remaining high. Many people have been forced to delay their plans to buy a property due to the economic uncertainty caused by the pandemic, leading to a surge in demand for rental properties. As a result, rental prices have remained stable or increased in some areas.
However, there have been changes in tenant behaviour, with many looking for more space to accommodate remote work and the increased time spent at home. Properties with outdoor areas and access to green spaces have become more desirable, and there has been an increase in demand for properties in suburban and rural areas.
For landlords, the pandemic has brought challenges but also opportunities. While demand for rental properties remains high, there has been an increase in rent arrears and void periods. Landlords must work with their tenants to find mutually beneficial solutions and maintain good communication to minimise potential issues.
The increased technology adoption is one of the most significant changes in the lettings market. With social distancing measures in place, virtual tours have become an essential tool for landlords to showcase their properties to potential tenants. Online marketing has also become more critical than ever, and landlords embracing technology are seeing more significant success in the current market.
Another significant change in the industry is the increased focus on sustainability. Many tenants are looking for eco-friendly rental properties with features such as energy-efficient appliances and solar panels. Additionally, sustainable building materials are becoming more popular, and there is a growing trend towards green architecture.
In conclusion, the lettings market remains strong despite the pandemic, with demand for rental properties remaining high. The adoption of technology and the focus on sustainability are two significant trends shaping the industry. Suppose you’re a landlord looking to rent out your property. Working with a knowledgeable agent who can help you navigate the current market conditions and maximise your returns is more important than ever.