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7th September 2020

A Lettings Market Update: Who’s Renting & Why?

Since the housing market was allowed to reopen on 14th May, the lettings market in Chesterfield has been booming. We spoke to Abigail Wilks, Redbrik Lettings Area Manager for Chesterfield, to find out more.

What’s changed in the rental market?

“We have received higher demand for our rental properties than before lockdown, with an increase in enquiries, viewings and applications alike. We have also seen an impressive record times for agreeing lets, in some cases 36 hours or less!

As a result of this demand, we have been able to offer our Landlords a choice of tenants so they can pick the best fit for their property. This has also allowed us to negotiate higher rents for Landlords when several applications have been received so that they can get the best value out of their property. Our potential tenants also appear to be more committed than pre-lockdown as we have fewer no-show viewings.”

What properties are in demand?

“Our most common tenant demographic at the moment is first-time renters. Many applicants are flying the nest and moving out of their parents’ homes, particularly young couples. Additionally, there seems to be an increased demand from people moving from previous rentals into other rented property with more bedrooms or a garden. After such a long time spent at home over the last few months, tenants seem to have different requirements to the beginning of the year.” 

What does this mean for landlords?

 “Now is a great time to let out a property as there is extremely high demand in the local and regional market. For prospective landlords, it is a good time to think about investing as due to the current market conditions, a higher percentage yield is likely to be achieved.”

What does this mean for tenants?

“My best advice for people looking to rent a property right now is to be organised. Make sure you have a clear idea of your requirements, have your paperwork ready to apply for properties and act quickly on viewings to avoid disappointment.”