The rental market has seen a significant shift in recent months, as the coronavirus pandemic has caused a decrease in demand for rental properties. However, new data from the Royal Institution of Chartered Surveyors (RICS) shows that the market is beginning to stabilize.
The RICS survey of over 400 estate agents and surveyors across the UK found that the number of new rental inquiries had decreased by 13% in the three months to August 2020, compared to the same period last year. This is a significant decrease, but it is an improvement on the 20% decline seen in the previous three months.
The survey also showed that the number of new tenancies agreed had increased by 6% in the three months to August 2020, compared to the same period last year. This is a sign that the rental market is beginning to stabilize, as more tenants are signing new leases.
The survey also revealed that landlords are becoming more flexible with their rental terms, as they look to attract tenants. The most common changes being offered by landlords include reducing rent prices and offering longer tenancy agreements.
The RICS survey also found that the number of properties available to rent had decreased by 4% in the three months to August 2020, compared to the same period last year. This is likely due to landlords holding onto their properties, rather than putting them on the market.
Overall, the RICS survey shows that the rental market is beginning to stabilize, as demand decreases and landlords become more flexible with their rental terms. This is good news for both landlords and tenants alike, as it will help to ensure that the rental market remains stable in the coming months.