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Rental Demand Far Outstrips Supply

Rental Demand Far Outstrips Supply

Following the full reopening of the property letting market we have seen a huge demand for West Country property to rent.

This is as a result of the pent up demand developed during the lockdown period coupled with an influx of people looking to relocate to the South West. This has quickly led to Stags Lettings Department, throughout the region, having a record June with agreed lets, viewings, email and phone enquiries all up on the same period last year.

Andrew Luxton, Partner Stags Residential Lettings says "the demand is across all rental levels with properties often letting within a few days of marketing, generating a huge amount of tenant enquiry with many wishing to rent without viewing the property."

Stags has introduced video tours for a vast proportion of their new instructions, which has been well received and reduces the number of wasted viewings.

Rents as a result are rising with some tenants offering above the asking price in order to secure their preferred property.

How much of this activity will remain and for how long is still unclear. However, with all the uncertainties surrounding the crisis, the economic impact and job security, it is likely that rental will be the preferred choice for many in the short to medium term. In addition, those wishing to relocate to the South West often prefer to rent before committing to a purchase in a particular location.

If you have property to let please call a member of our team. Now is as good a time as any to place it on the market and secure a let quickly.

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