Rental Spike As Lockdown 'Tensions' & Job Losses Cause People To Move House
2 June 2020, 14:06
Rental agencies are reporting a surge in people looking for properties as COVID-19 lockdown break ups and job losses contribute to those needing to move.
A surge in the demand for rental properties is being reported as COVID-19 lockdown restrictions ease and those who have been unable to move resume the process, as well as 'lockdown tensions' having caused break-ups.
Its reported a mixture of 'lockdown break-ups, job losses and urgent relocations' have lead to the spike in the rental sector as lockdown prevented house viewings, surveys and searches to be completed, and removal companies were forced to shut their doors.
Estate agents were allowed to reopen on May 13th and have been dealing with a 'backlog' of moving requests, including those who have been put in immediate need to move due to the lockdown, either from a job loss or other reasons which would also include domestic abuse.
As the rental market starts to bounce back after lockdown, unlike many other businesses, supply is struggling to match demand, with Property Reporter finding, "The latest data and analysis from Goodlord has revealed that pent-up demand during lockdown translated into a 111% rise in new tenancy applications once the restrictions were lifted."