Summer is always a busy time in the rental market, and here in Lancaster and Morecambe it’s no different. Every year, we see graduates starting new jobs, students moving to the city for university, and others deciding it’s the right time to move in with friends. It creates a real buzz – and also a lot of competition for homes.
Recent figures highlight just how fast-paced things are. Across the country, 38% of properties placed on the rental market are being snapped up within a week, with 8% let in just three days. Locally, we’re seeing the same trend – homes are moving quickly, especially those close to the city centre, university, and transport links.
In July, the average void period – the time a property sits empty between tenants – dropped to 12 days, down from 20 days in June. For landlords, this is welcome news. It means fewer gaps without rental income. For tenants, though, it underlines the importance of acting fast when the right property comes up.
That said, beyond the usual summer rush, the wider market is showing some signs of balance. RICS data suggests supply and demand are beginning to settle into more typical levels nationally. However, here in Lancaster and Morecambe, we are still facing a huge shortage of rental properties. Tenants desperately need more choice, and this is one of the biggest challenges in our local market right now.
Well-presented homes in good locations are still letting almost instantly, and the lack of available properties is keeping competition high. For landlords, this means strong demand and minimal void periods. For tenants, it can be frustrating – the right home can be gone before they’ve even had time to book a viewing.
At JDG, we believe the market will benefit once more rental properties become available, giving tenants the choice they deserve while also ensuring landlords continue to achieve good results. In the meantime, our advice for tenants is to be prepared – have references and paperwork ready, and register with local agents so you can move quickly when a suitable home comes up.
If you’re a landlord wondering how these trends affect you, or a tenant looking for your next home, our team at JDG is always here to share advice on the local market. You can call us on 01524 843322 or email at josh@jdg.co.uk
Thanks for reading
Josh
