Last month (October 2022), we had our busiest month on record for re-letting rental properties, up 40% compared to the month before.
The demand for rental properties across many parts of Suffolk and Essex is particularly high at the moment, even though what tenants are looking for is changing.
Reasons for the increase in re-lets
The reasons for this flurry of activity are two-fold. Firstly, the market for property sales has slowed down, and as a result, far fewer homes are available in the medium (£375k-£550k) and higher value ranges. Therefore, more families are entering the rental market instead, and many for the first time.
Secondly, as mortgage rates continue to rise, many would-be first-time buyers are delaying making a move into home ownership and choosing to rent instead (particularly flats and small coastal properties).
The areas in and around North Essex, including Colchester, Brightlingsea, and Clacton-on-Sea, and stretching out to Manningtree and Mistley as well, are where we noticed and are still seeing the biggest re-let activity.
A national trend
Our experience is in line with national trends, with Rightmove’s Rental Price Tracker showing tenant demand, on average, up by 20% compared to a year ago.
We’re also beginning to see some changes in the types of properties renters are looking for, with re-lets of flats and smaller two and three-bed houses being particularly buoyant. This is no surprise, with the rising cost of living and energy bills leading renters to consider the monthly savings they could make by choosing a smaller home.
We must say, with all the activity, we continue to see some fantastic properties available to let.
Take this lovely 3-bed semi-detached home in Barley Close, Mistley. It’s a modern, freshly-painted, clean, well-proportioned family home just a short walk from Mistley Railway station, making it a good move for renters looking to exit the London market, where monthly rents are rising at a far quicker rate.
Need help re-letting your property?
If you’re a Concord Property landlord and your property is coming up for re-let, you’ll know that we’ve got everything in hand.
If you’re not with us, though, and would like to be, please do get in touch. We’ll never pressure you into re-letting your property through us – we always welcome a conversation first to discuss your options and give you the best advice.
Simply call us on 01206 393213 or email us at lettings@concordproperty.co.uk
