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TODAY'S OTHER NEWS

We do like to be beside the seaside! Landlords snub tenants for holiday lets

Rental stock has dropped as landlords seek to profit from the staycation boom, Rightmove claims.

Data from the portal suggests seaside towns and other holiday resorts have seen the largest decline in available properties to rent when compared with the summer of 2019.

The analysis of more than 400,000 rental listings compares available rental stock in June and July 2021 with June and July 2019, to measure current rental availability against pre-pandemic levels.

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The Isle of Wight tops the shortage list with a fall of 82 per cent in available rental stock.

The shortages have led to a surge in competition among tenants who are looking for a long-term place to rent, with an average uplift of 317 per cent in tenant demand for each property across the ten areas that have seen the biggest declines.

Competition is more than six times higher in Blackpool and has more than quadrupled in the Isle of Wight and Cornwall.

Tim Bannister, director of property data for Rightmove, said:  “Landlords in the typical tourist destinations around Britain have been chasing the huge surge in demand for holiday lets this summer, which has led to a temporary drop in the stock available for permanent tenants.

“However, as the summer holidays are coming to an end, agents are now reporting more landlords turning their attention to longer-term tenants as a more secure and stable option for the rest of the year and into 2022.

“The value of a good tenant should not be underestimated, and with the competition for rental properties in these areas so high right now, it could be a good time for landlords to take stock and consider their best longer-term option.”

Location

Decline in available rental stock

Increase in tenant competition for available properties

Isle of Wight

-82%

+376%

North Devon

-80%

+292%

West Devon

-76%

+264%

Northumberland

-74%

+253%

Blackpool

-74%

+517%

Torridge

-73%

+335%

South Tyneside

-73%

+341%

Neath Port Talbot

-73%

+172%

Cornwall

-72%

+345%

North Tyneside

-72%

+279%

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