For the past 3 years the Lancaster Rental Market has been crazy. Demand has outstripped supply and there were times where we actually ran out of homes available to let.
Every home we were advertising was receiving over 50 applications , some were receiving over 100. It really was a headache trying to handle the volumes of calls and viewing requests.
Fast forward to know and the rental market is starting to calm. Demand is still high, however the average property is now attracting over 20 applications which is much more manageable for our team.
But did you know, just like the sales market, the rental market can also be seasonal. We analysed search terms put into Google over the past five years and found that the query ‘flats to rent near me’ has produced a distinct pattern, revealing the times of the year when people are most likely to be considering a move.
By far the most active time for prospective new renters to be searching is the New Year holiday with a second peak in the period between Easter and the summer break. Interest falls to its lowest level just before Christmas and during the summer – when presumably other distractions take precedence.
Of course with over 20 applications per property, there is still no shortage of people wanting to rent locally, however we thought this Information could be quite useful to any prospective landlord thinking of investing in property!
Can we help you find a tenant for your rental property? We would love to help. You can email me at josh@jdg.co.uk or call me on 01524 843322.
Thanks for reading
Josh
