Demand from tenants looking for a new place increased 7% between May and June, an uplift seven times bigger when compared to the previous four-year average of just 1% at this time of year.
The hike might have been triggered by the introduction of the Tenant Fees Act at the start of June, which saw a law passed to stop landlords and letting agents charging fees associated with moving that they previously had – potentially saving renters hundreds of pounds.
Rents have increased 1.2% in the East Midlands between Q1 and Q2 of 2019, with a increase of 2.8% between Q2 2018 and Q2 2019.
As an agent operating in the Nottinghamshire market we can echo this increase in demand. The summer months are normally the busiest in our local market, so this increase is making securing a new rental property even more competitive for tenants, with landlords being in a strong position to achieve high rents and low void periods.
Read our previous post for further detail about the Tenant Fees Act here
Please contact us to discuss current market conditions further.