In the last 2 weeks of March, as lockdown came into place, the demand for rented properties in Peterborough dropped by 57%. During April this rental market decline rebounded by 30%.
Compared to the house sales market, the impact of coronavirus on the rental property market has been a lot less pronounced. For example, between 7th March and 30th March the demand for rental properties in Peterborough feel by 55%. Meanwhile, the house sales market in Peterborough saw a drop of 70% in buyer demand.
Since the office reopened in late May the increase in uncertainty during coronavirus has left households looking for an immediate housing need, looking at the rented properties in Peterborough. The rental market has always been more flexible than the sales market. Those looking at rented properties will often be able to move within weeks, as opposed to buying a new home which can take months.
We are already experiencing a rise in the wake of the coronavirus decline at Letters Group. This is very simply because the average time to move into a rented house in Peterborough takes around 3 weeks, while a house sale in Peterborough could take around 3 months.
Experts predict that by the end 2020, the total number on moves within the rental sector will be around 25% less than 2019.
The annual UK rental growth and increase in rental markets was at 2.4%. This was up from 1.5% in March 2019. It is expected that rental growth for the remainder of 2020 will remain moderately positive for landlords in Peterborough.
If you are a landlord in Peterborough and would like to talk about the effects of coronavirus on your rented properties, call us. We will happily talk through any concerns you should have and let you know the things you don’t need to worry about.
If you are looking for a rented property to move into, call our team. We have a selection of great rented properties in Peterborough which we can happily show you virtually or through a socially-distanced house viewing.