Letting agents have called for tenants to keep up with their rent to ensure the private rental market is ‘sustained and the wider economy is boosted during these uncertain times’.
The comments have been made by Phil Keddie (pictured), President of trade association ARLA Propertymark as its own data shows the post-Covid property market continuing to boom, echoing similar data from tech platform Goodlord during June.
Last month was a record for the private rental market with tenant demand and rental supply both at their highest since records began for June.
ARLA Propertymark, which has gathered the data, says the extraordinary figures are due to the ‘post Covid bounce’ seen in other part of the housing market, and the fact that June is usually a quiet month for landlords.
The spike in activity within the market has also prompted more landlords to increase their rent when properties are re-advertised and Propertymark says nearly a third of its member agents reported this.
“Our latest figures show that the rental market is continuing to pick up following the Covid-19 lockdown,” says Keddie.
“The record-breaking supply of rental stock and demand from tenants for this time of year paints an optimistic picture for the summer months, indicating that the market will be more active than the usual seasonal lull.
“As the market continues to recover from the pandemic, it’s essential that everyone continues to keep up with their rent in order to sustain the market and help boost the economy during these uncertain times.”