Rental price growth

The UK rental market is showing no signs of slowing down, with more than 60% of rental properties being snapped up within just one week of being listed. According to a recent Dataloft poll, one in six properties are let within three days of being listed, and less than 3% of properties remain on the market for more than two weeks. These statistics highlight just how competitive the rental market has become, with tenants eager to secure their dream home quickly.

The demand for rental properties is also reflected in the preferred methods of contact for potential tenants. The majority (65%) prefer to be contacted by email, followed by phone (22%) and WhatsApp (12%). This shows that agents need to be accessible and responsive to tenant inquiries in order to secure properties quickly. With the rental market moving at such a fast pace, landlords and agents need to act fast and keep up with the latest communication methods in order to stay ahead of the competition.

Looking ahead, the UK rental market is predicted to continue growing over the next five years, with rental price growth outpacing sales price growth. This is great news for landlords and investors, who can expect a steady increase in rental yields. However, this also means that the competition for properties will continue to be fierce, and agents and landlords need to ensure they are offering the best possible service to attract and retain tenants.

So, what does this mean for tenants? With the rental market moving so quickly, it is important for tenants to be prepared to act fast when they see a property they like. This means having all the necessary paperwork ready, such as details of your referees and proof of income, so that they can move quickly when they find the right property. It also means being open-minded and flexible, as properties can be let quickly and tenants may need to be ready to move at short notice.