Reside General Manager Toby Martin rounds up rental market activity in July 2021.
A month of frenetic rental activity resulted in Reside’s busiest July since the company opened in 2008.
July 2020 had set a new high for lets agreed over the course of the month, but this year proved busier still.
New applicants registering for properties during July increased by a staggering 40% compared to July 2020 and was also up by 7.4% on June 2021, demonstrating significant levels of tenant demand.
What is most staggering is the speed with which available properties are being secured by tenants, in the knowledge that they are likely to lose out if they are slow to make an offer. It took, on average, just 7 days for Reside to agree a let during July, achieving an average of 100.4% of the advertised rent.
These figures serve to reinforce the recent trend of high tenant demand being underserved by a dearth of available property. With such competition for available properties, there have been few better times to bring a rental property to the market.