Competition remains fierce for rental property in the capital with a 19% month-on-month rise in tenant offers seen in June, according to new data from Chestertons.
Data from the London-based estate agency confirms that June marked the beginning of this year’s summer lettings season, with 23% more tenants moving in compared to May in addition to the nearly 20% uptick in tenant enquiries. At the same time, 11.5% of existing tenants renewed their current rental contracts.
Fuelled by corporate tenants as well as international students returning to the capital, Chestertons predicts that London’s lettings market to remain busy over the next few months.
Richard Davies, COO of Chestertons, says: “London’s rental market is extremely competitive and conditions only intensify during the summer months with renters facing an increasingly challenging market environment. Many renters who are looking for a new property deem the property search a full-time job as it requires them to attend numerous viewings and act fast.”
Whilst demand continues to grow, tenants are also currently benefiting from a larger selection of rental properties. According to Chestertons’ data, there has been a 28% increase in available properties to rent in June compared to the same month last year.
Davies concludes: “Despite the uplift in the number of rental properties, we advise tenants to start their search as early as possible. If tenants have identified a specific part of London that they wish to move to, it is recommended to register with a trusted estate agent who knows the area well and has a strong network that might even give access to properties that haven’t officially come on the market yet."