Rental searches drop 35% as lockdown stops viewings, but tenants ARE getting ready to move

first_imgSearches for rental property have dropped  by 35% but many renters are getting ready to move as soon as the lockdown ends, hopefully in early May, Rightmove has revealed.The portals says agents report they’re helping their landlords line up new tenants ready to physically view properties when restrictions are lifted and that ‘we’re also seeing a lower but steady level of tenant referencing taking place’, it says.Also, there is building momentum for renting homes with a garden. This week searches by renters looking for a garden are almost double compared to the first week of lockdown. Over the longer-term they are now 16% higher compared to the average seen in January and February, and are also up 26% on the same week last year.Although overall search activity in the rental market is expectedly still lower than usual, it is starting to recover and is now running at around 20% down on normal levels.Total stock available to rent is up 2.6% in the second two weeks of lockdown compared to the first two weeks, as some agents re-list properties they’ve let out previously in order to line up new tenants for when lockdown ends. Some agents have video of their rental stock, and some prospective tenants are happy to secure a property and start an application and referencing process now to save time.Take me to the beachDuring the lockdown some renters are considering moving to places with a scenic river or a coastal town, based on the top ten biggest increases in searches comparing the first two weeks of lockdown with the second two weeks.Southsea tops the list followed by Cambridge and Worthing. Others in the top ten include Marlow, Bognor Regis, Dover, Southend and Margate.“Having a garden is often a rarity for many rental properties in larger cities, and so it may be that during lockdown people are rethinking their needs and location and are searching for some outdoor space and tranquillity,” says Rightmove’s Commercial Director and Housing Market Analyst Miles Shipside.“That allure may draw them further away from where they have habitually lived and travelled to work from, as can be seen by some of the coastal locations that have seen the largest search increases.” Rightmove Miles Shipside April 24, 2020Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Home » News » Housing Market » Rental searches drop 35% as lockdown stops viewings, but tenants ARE getting ready to move previous nextHousing MarketRental searches drop 35% as lockdown stops viewings, but tenants ARE getting ready to moveDespite demand weakening, Rightmove says tenants are getting ready to make their delayed move, in many cases to a property with a garden.Sheila Manchester24th April 20200842 Viewslast_img read more