Tenant movement now back to pre-pandemic levels

The number of new tenancies is almost back to pre-pandemic levels after dropping by 32% in Q2 2020, data from The Deposit Protection Service found.

New tenancies registered with The DPS fell from just under 60,000 in March to just over 32,000 in April. However, June saw a swift recovery of just under 56,000 registrations as lockdown measures eased.

Matt Trevett, managing director at The DPS, said:

“Although the number one priority for the rental industry over the last few months has been to safeguard public health, it’s clear that the restrictions affecting letting agents, landlords and tenants led to a significant reduction in home moves.

“Nevertheless, now lockdown is easing new lets are increasing, and we expect the trend of tenancy moves to continue back to pre-pandemic levels over the summer.”

Rents rose across all property types during Q2 2020, with terraced property rents increasing the most, rising £14 (1.93%) from £725 in Q1 2020 to £739 in Q2 2020.

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Main article photo courtesy of Pixabay