Feb

LATEST: Rental market set for ‘huge rush’ to move once lockdown eases, says portal

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More than a third of tenants plan to move home once lockdown restrictions have eased, according to new research, as supressed demand floods into the market.

Online booking platform Spotahome reports that 38% of tenants are waiting for the pandemic to subside before handing in their notice, despite the market remaining open.

A further 21% haven’t moved because of shielding, quarantine or being unable to travel to their chosen location, while 16% say they can’t afford to rent their current property as they’re on furlough or have lost their job and so might have no choice but to move.

The survey of 1,322 tenants asked them about their feelings towards the current rental market while lockdown restrictions remain in place and found that 77% feel safe renting, although Covid continues to be a concern for 23%.

Affordability worries

Other worries are affordability, with 29% of tenants reporting that getting by on their remaining income once the rent has been paid is their biggest concern.

Meanwhile, 20% said the state of their property was a concern as their letting agent or landlord had failed to rectify problems.

A lack of outdoor space (17%) or the size of their rental home (15%) were also worries, while a fear of eviction due to rental arrears and inadequate wi-fi were both cited by 5% of renters.

Head of data and analytics, Jorge Alonso (pictured), says: “The good news is that for the large part, tenants feel safe and while finances are a concern, they aren’t the driving issues for the vast majority.

“Uncertainty, space and quality of living conditions are far more important and this is a trend that is likely to remain as we’re eased back to normality.”

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