- lettingaproperty.com data shows a 25%+ increase in viewing requests per property
- An increasing number of viewings highlights the fierce competition for rental properties
- The average time taken to let property is now just 4 days
Online lettings platform lettingaproperty.com has shared new data highlighting just how competitive the rental property market is right now.
Between Q2 2022 and Q3 2022, the firm reveals that the average number of viewing requests per property rose by over 25%, from 19 to 24.
October 2022 saw a further rise, with multiple properties attracting viewing requests in triple digits, and one London landlord receiving 134 viewing requests.
The volume of requests has risen so steeply that some landlords are now putting adverts for their properties on hold as they deal with the elevated level of demand.
With competition fierce among renters, it’s now taking an average of just four days to let a rental property, according to the latest lettingaproperty.com figures.
“We’ve seen a significant increase in property enquiries over recent months, with many landlords receiving more than 50 viewing requests and some receiving more than 100. It’s definitely a landlords’ market, with fierce competition for rental properties leaving many tenants disappointed.”
Jonathan Daines, Founder and CEO, lettingaproperty.com
While the competition for properties is challenging for renters, it can also be a problem for landlords, according to the lettingaproperty.com team. Many are facing mortgage rate increases, while the security of rental income is reducing. This is pushing many to opt for lettingaproperty.com’s ‘Essential’ or ‘Complete’ plans, which feature rent protection, as they seek extra assurances in the event that tenants are unable to pay.
The lettingaproperty.com team is also working with landlords and tenants to support communication and negotiation around any proposed increases to rents. Some landlords are being forced to increase rent due to rising mortgage costs, though lettingaproperty.com has found that others are doing what they can to avoid this. One landlord, who spoke to the team earlier this week, was pleased to share the news that their fixed-term mortgage meant that they could keep the rent the same, at least for the next 12 months.
lettingaproperty.com is providing welcome stability for landlords in these uncertain times. While traditional high street letting agents charge a percentage of the rent as their fee (meaning rent rises result in higher fees), lettingaproperty.com charges a fixed monthly fee that doesn’t change when rents increase. This gives landlords peace of mind by helping them to control their costs.
“This is a testing time for the rental sector, with both tenants and landlords feeling the strain. Interest rate rises, falling rental stock, and increased competition between tenants are all interconnected. Eyes across the sector will be fixed on the Bank of England’s Monetary Policy Committee on 3rd November, as a further rate rise is likely to ratchet-up pressure on the sector.”
Jonathan Daines, Founder and CEO, lettingaproperty.com
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