Race to rent
- Go back
- 16th May 24
In today’s property market, the race to secure rental properties has become a high-stakes game of strategy and swiftness. A new report by estate agency Savills, reveals that high demand and a lack of available properties are forcing potential tenants to make an almost immediate decision on whether to apply for a tenancy. But this is just one side of the story. There is an alternative, putting the power back into the hands of the customer.
What’s going on
Savills' data analysts compared Zoopla listings of rental properties from the 2019 calendar year with those from the twelve months leading up to March of the current year. What they found gave them cause for concern. Included in the findings were: the average listing time for a two-bedroom flat fell from 35 days to 25 days. In some areas this was even greater; in the North West a two-bedroom flat went from being listed for 37 days in 2019 to just 18 days. The same trend is seen with larger properties for example, three-bedroom houses were listed for an average of 39 days in 2019 but for 32 days now and even sharper drops in some areas.
What is the cause
Quite simply, the cause lies in the insufficient supply of rental property entering the market. Property experts advocate for increased investment because meeting demand hinges on expanding the available inventory.Furthermore, the future looks concerning with the situation not looking like it will improve anytime soon. When the National Residential Landlords Association surveyed its members, of those that responded, 31% revealed plans to cut the number of properties they rented out, compared with just 9% who planned to increase.
What’s the alternative
Build to Rent has been specifically constructed to rent rather than sell, which means they can address the high demand for rental properties. The model fosters stable, long-term rental communities, contributing to the overall stability and vibrancy of areas by ensuring consistent occupancy and active community engagement.
A professional process
Build to Rent developments are typically overseen by dedicated management companies, ensuring a consistently high standard of maintenance and service. Unlike individual landlords, these professional firms have the resources and expertise to address issues promptly and efficiently, from routine repairs to tenant inquiries. This means customers can expect reliable support and a well-maintained living environment with everything from exceptional WIFI through to excellent water pressure as standard. Additionally, professional management often includes amenities and events that enhance the quality of life, fostering a vibrant, cohesive community.
Stability in uncertain times
Unlike traditional rental arrangements where landlords may unexpectedly decide to sell the property, forcing tenants to relocate on short notice, Build to Rent developments are designed to offer flexible tenancies, and as they are built only to rent, there will be no risk of sudden displacement. This eliminates the common anxiety renters face, which is looking to increase as more landlords opt to cut the number of properties they rent out. As these properties are managed by professional firms committed to maintaining occupancy, tenants can enjoy a secure and predictable living situation, fostering peace of mind and a stronger sense of community.
How to stay one step ahead
Using the Love to Rent website allows you to stay one step ahead in finding your ideal rental property. The platform offers a wealth of information and research tools, enabling you to gather detailed insights about potential rentals before even scheduling a viewing. By exploring the comprehensive listings, you can learn about the property's features, neighbourhood, and available amenities, ensuring you have a clear picture of what to expect. Whether you need a place that is pet-friendly, has co-working space or has bike storage, you can filter your search to your specific preferences. This advanced preparation means that when you do visit the property, you'll already have a good idea of whether it meets your needs and preferences. Consequently, you'll be better equipped to make informed decisions, making the rental process smoother and more efficient.
Start your new home search now.