Everything you need to know about the property rental market in October 2021. This month: an in-depth look into Bath’s rental property shortage.
More Reside records fell by the wayside during October, with more properties let over the course of the month than any preceding October since the company’s inception. Our average letting time was just 3 days between placing the property on the market, and having an offer accepted by the landlord. During the month of October, we achieved an average of 101% of the advertised rent.
This month’s data once again bears out the recent pattern of property supply being vastly outweighed by tenant demand, but exactly how in-demand are Bath’s rental properties?
Bath Property In High Demand
At the time of recording the above video, a quick Rightmove search revealed just 50 properties currently on the market across the entire city, with only 15 placed on the market in the last seven days.
As Reside’s average letting time of 3 days suggests, if a property has been on the rental market for longer than 7 days in the current climate… something is wrong. It could that the property is overpriced or poorly marketed – either way, the landlord owes their letting agency a serious conversation.
So just how much competition is there for these 15 recently launched properties?
In the above video, General Manager Toby Martin looks closely at the Rightmove data of two apartments that we recently let for £1,200 per month. One property let after just one day; the second apartment was launched on a Friday and let agreed on the Monday. Between them, they amassed around 1,500 views on Rightmove between going on the market and an offer being accepted by the landlord.
Two apartments. 5 days on the market between them. 1500 views on Rightmove. It’s no wonder that properties are letting so quickly, and that rents have been pushed upwards.
Will The Winter Market Slow Down?
Traditionally, both supply and demand dwindle during November, before almost shutting up shop entirely during December. It is likely that supply to the market will reduce even further over the next couple of months, as tenants bed in for the winter and delay home moves until the New Year.
What is unlikely to change, however, is the discrepancy between supply and demand. For every property on the market during November and December, there are still bound to be multiple interested parties. The property shortages of the past few months will have left a large backlog of home hunters who have been unable to secure their next move.
In that respect, it will still be a buoyant climate for landlords bringing their homes and investments to the rental market.