Report
The rental market has been booming in recent years, and the latest Paragon report shows that tenant demand for rented homes is at an all-time high. According to the report, tenant demand has increased by 8% since last year, with the number of new tenants registering with letting agents reaching a record high.
The report also found that the average rental property is now let within just 14 days of being listed, which is a significant decrease from the 19 days it took in 2019. This is largely due to the increased demand for rental properties, as more people are choosing to rent rather than buy due to the current economic climate.
The report also revealed that the average rent for a two-bedroom property has increased by 2.9% since last year, and the average rent for a three-bedroom property has increased by 3.2%. This is likely due to the fact that more people are looking for larger properties as they are increasingly working from home.
The report also found that the number of tenants who are renewing their contracts has increased significantly, with almost half of tenants renewing their contracts for a second or third year. This is likely due to the fact that many tenants are finding it difficult to move due to the current economic climate and the uncertainty surrounding Brexit.
Overall, the report shows that tenant demand for rented homes is at an all-time high and is likely to remain so in the near future. This is great news for landlords, as it means that they can expect to see an increase in rental income. However, it is important for landlords to ensure that they are providing a good service to their tenants and that their properties are up to standard, as this will help to ensure that tenants remain in their properties for longer.