High tenant demand and the low numbers of properties available continues to drive growth in asking rents!
Have a read of these key results Rightmove’s Rental Trends Tracker: Q1 2022*… According to the Rightmove Rental Tracker for Q1 2022, asking rents jumped by 11% in the most competitive rental market ever. Taking asking rents outside of London hit a new record of an average of £1,088 per calendar month, rising from £982 PCM last year (+10.8%). Rents are now 15% higher than pre-pandemic times.
The imbalance between the high tenant demand and the low numbers of properties available continues to drive growth in the asking rents. Resulting in the most competitive market ever for tenants – tenant demand is up 6% and available properties are down by 50% compared to last year. The result of this ongoing mismatch between tenant demand and the properties available to rent means that tenants looking for a new place to move to are being faced with the most competitive rental market that we’ve ever recorded.
It’s certainly something we are seeing here across the North East. At Rook Matthews Sayer, we have around 18 tenants registered for every property we market**, that is high demand. If you have a property sitting vacant call us today, check out what we can do for you… Landlords!
However, There are some positive signs around stock. Rightmove reported the number of new rental properties available has increased nationally by 5% in March compared to January, and 16% compared to the shorter month of February.
In the North East, asking rents have rose by 10% since this time last year, reporting an average yield of 6.2%.
At Rook Matthews Sayer, we have around 786 prospective tenants joining us every month**, so if you’re looking for a tenant click here or call us to request your free no obligation rental valuation!
We are still experiencing very high demand as the rental property boom continues. Make the most of demand and secure your tenancy today, we still urgently need more properties in all areas to keep up with tenant demand!
Don’t delay, contact your local branch or book online today for your free, no obligation valuation!
Your local team is ready to help!
Choose your local branch here; Alnwick, Amble, Ashington, Bedlington, Blyth, Fenham, Forest Hall, Gosforth, Hexham, Jesmond, Morpeth, Ponteland, Ryton, West Denton, Whitley Bay or Commercial at Head Office.
*Article and graphic source – Rightmove Rental Trends Tracker: Q1 2022, https://hub.rightmove.co.uk/q1-rental-trends-tracker-2022/?utm_medium=email&utm_campaign=cus-ea-lt-market-update-rental-trends-tracker-q1-2022_stats_19-04-22&utm_source=adobe&branchID=54329&AMid=11095046
** *Source: Internal data: 01.01.21- 31.12.21 average monthly figure.