Reside General Manager Toby Martin brings you news of the rental market in August 2021.
As inevitable as an England batting collapse, August was yet again another busy month for the rental market. Recent trends of property supply being outweighed by tenant demand reached new heights, as competition for properties contributed to us letting more than 50% of our properties within 1 day during August.
Our overall average letting time was just 3.5 days which, in any other year, would be remarkable. In the current market, however, this only just represents our best month on the year so far.
Due to the overwhelming demand from tenants, the average rent achieved in August was 100% of the asking rent. In other words, every single property received an asking rent offer.
Another Legislation Change for Landlords
Towards the end of August, the government announced another change to legislation affecting landlords – there have now been around 50 since the start of the pandemic.
On this occasion, the announcement was a welcome one, extending digital Right to Rent checks until April 2022. Allowing these checks to be carried out digitally has been a great time saver for landlords and agents, and a permanent online system is hopefully in the pipeline.
Awards Season… Again!
Last year’s Bath Property Awards were delayed due to the pandemic, meaning that this year’s ceremony has come around quicker than ever. We were delighted to be named a finalists in the ‘Best Lettings Agent’ category, which we were honoured to win last year. For the first time, we have also been nominated in the ‘Best Employer’ category – if only there were a ‘Best Employees’ award, we would be a shoe-in for that one too!