It's that time of the year again, where tenant demand is rising substantially as the busy season is approaching. Redbrick Properties have already experienced an increase in viewings in May and we are ahead of ourselves on lets this month already.
For example, The Prestons on Viaduct Road is a new development we have been successfully marketing this month. In the space of 24hrs alone our Redbrick Properties Instagram campaign yielded 9 viewings and 4 signings.
Analysis of tenancy start dates based on data from the past 5 years indicates the rental market starts to accelerate in June, with nearly one third of all tenancies starting between July and the end of September.
The demand for rental properties increased significantly in the three months to April according to RICS, however new instructions remain low, supporting rental price growth. This is down to a number of reasons such as affordability constraints and reluctance to make larger investment decisions during the pandemic. Also, investment into the private rental market, mostly made up of individual landlords, has not regained the levels seen in 2015 before the additional 3% stamp duty was introduced for investors.
There is a long list of priorities for renters and one shoe by no means fits all, but what we do know is that affordability, outside space and broadband are the top 3 priorities, with 87% of tenants are keen to know running costs and 79% broadband speed.
If you are looking for a property then let us know your list of priorities and we will see if we can match you with your perfect home.
Or, if you would like some more information on the current state of the rental market in Leeds, please feel free to pop into Redbrick Properties for a coffee and a chat, now that restrictions are easing. Or, drop Joy Gray a message here as she would love to talk to you about anything property.
(Dataloft, Property Academy 2020).