Propelled by the pandemic PropTech quickly secured its place in what has been a rather traditional industry.
With a radical change in buyer demand due to the impact of Covid-19, many estate agents have found themselves trying to keep up with an even faster paced lettings market than the industry has previously seen.
Tenant property preferences have also seen a significant change over the past year. With many employees now able to work from home, many tenants favour outdoor living space in commuter zones over once popular inner-city dwelling. For the first time rental prices have dropped in London, whereas more suburban and rural locations have seen interest that supersedes the property stock available.
How does the Rental Market work?
The UK rental market is defined as the price of a property whilst rented out to an occupier in a lease. The cost of leasing a property is generally dependent on the supply and demand of properties within the industry.
For example, the current rental market is seeing a boom in demand, however supply is low. Therefore, renters can expect to see a rise in monthly lease payments for properties in sort after areas.
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How is the UK Rental Market?
How are faster occupancy rates effecting letting agents
Automation is key to lettings success
There's no denying that managing rental properties in a busy property market is no easy feat. Modern property management software however can relieve the burden for both the agent and the client. ReziPM - Property Management Software is designed to alleviate many of the stresses and automate many tasks, freeing up agents time to focus on other tasks. Using leading lettings and property management software allows agents to manage monthly rents, tenancies, maintenance and accounts.
Demystifying the private rental sector
What will happen to UK rental market?
According to research rental growth in outer city locations is a trend set to stay. With many people now able to work remotely, the London rental market has taken a significant hit. Research further shows that the buy-to-let market is flourishing in commuter zones and more rural locations across the country, however the average rent prices for such locations has risen significantly and continuing to do so.
With more people renting and property supply running at an all-time low, now is a good time for many first-time landlords to list their properties with agencies. In a fast-paced industry, making sure that your agency is attracting the right landlords and ensuring quality tenants has never been more critical.