Demand for rental property increases by a third

Demand for rental property is up 33% compared to this time last year as market restrictions ease and renters plan for the near-term future, according to Rightmove. 

Monday 18th May saw the highest level of rental demand ever recorded in one day on the property website. 

In terms of new stock, almost 23,000 new rental listings have come to the market since the first day of reopening, down 10% on the same week last year. 

Total available stock for rent is now up 13% since before lockdown

Asking rents are currently up 2.1% on 2019, down from an annual rate of 3% before lockdown. They are on average £1,089 per calendar month for all of Great Britain.

The biggest increase in rental searches compared to last year are in Rotherham (+97%), Cambridge (+77%) and St Helens (+75%)

Miles Shipside, Rightmove’s housing expert, said: “One week on from the surprise opening of the housing market and agents are still showing caution and quite rightly putting safety first, but many had already started to prepare during lockdown and so have been able to start reopening their branches and conducting viewings. 

“The activity jump on Rightmove proves the determination of home-movers to continue with their plans over the next few months. 

“The pause button put many of the usual metrics we report on out of kilter and so a week’s worth of data should only be taken as an early indication of activity, but it’s certainly encouraging.”

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