An online lettings agency claims some properties are receiving up to 50 viewing requests – prompting landlords to pull listings to avoid being overwhelmed.
Lettingaproperty claims that between the end of the second quarter of 2022 and the end of the third quarter, the average number of viewing requests per property rose by over 25 per cent, from 19 to 24.
October this year – the start of the fourth quarter – saw a further rise, with multiple properties attracting viewing requests in triple digits, and one London landlord receiving 134 viewing requests.
With competition fierce among renters, it’s now taking an average of just four days to let a rental property, according to the agency’s 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” explains chief executive Jonathan Daines.
But as a result of the cost of living crisis and increased overheads for landlords, they are insisting on more stringent checks on tenants and sometimes rent protection policies, says Daines.
A statement from the agency says: “The 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 the business 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.”
Daines concludes: “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 [today] as a further rate rise is likely to ratchet up pressure on the sector.”
