In addition, the number of rental properties becoming available to the market also saw a rise, giving the influx of potential tenants more choice than ever before.
The records also show that the length of tenancies hit an all-time high in July with tenants remaining in their properties for an average of 21 months, and the average time properties were empty between tenancies has reduced.
These encouraging statistics show how the rental market is bouncing back following lockdown. Landlords and tenants alike are moving swiftly to take advantage of these buoyant conditions.
For many of Greenslade Taylor Hunt’s Lettings offices across Somerset, Devon and Dorset, figures show that August has seen the highest number of new tenancies this year. This is encouraging news for existing and new landlords and points to a wide choice for tenants.
There are a few reasons why these numbers have risen so dramatically. Many people have had a change in circumstance, for example, they are able to move closer to the countryside now that remote working has become more accessible.
Another reason is that we are seeing a backlog of new and existing renters who had their property journeys put on hold with lockdown and are now able to make the move.
Tilly Horrocks, Senior Lettings Manager at GTH Yeovil notes: “Overall I think the pandemic has made everyone realise the importance of home and enjoying where you live – this is why we’re seeing such an increase in movement.”
Whatever your circumstances, if you are looking for advice on letting your property or renting, contact your local GTH office for advice via www.gth.net/contact. You can read ARLA’s full report for July here.