Published: 07/10/2021Landlords are set to benefit from the increased demand for property in the UK’s current rental market.
Sowerbys Estate Agents are continuing to see a large number of applicants looking to find a new home to rent in Norfolk.
In September the Norfolk Property Specialist had almost 20 applicants to every rental property on the market.
It means those looking to rent out their property should have no problem in finding a tenant quickly.
Ed Tyman, Lettings Director at Sowerbys, explains: “We have certainly seen huge pent-up demand from renter’s post pandemic and a real shortage of properties coming to market.
“At times we have had to turn down lots of brilliant potential tenants because there simply aren’t enough rental properties available.”
Rental properties are finding a tenant quicker than ever before with it taking just 21 days on average to let a property*
Due to the increased number of tenants seeking their next home, the demand is outweighing the supply when it comes to rental properties.
It comes as the average monthly rent in the UK has risen 11% above pre-pandemic levels*
Ed added: “The shortage of rental properties has been combined with a very buoyant sales market and a lucrative holiday home industry that has seen a huge bounce back post-Covid.
“These have taken homes away from the more traditional residential lettings market, meaning rental prices have inevitably gone up.”
*Data supplied by Dataloft Inform - https://dataloftinform.co.uk