Letting agents registered a record number of new tenants and properties in July as the rental market continued to boom.
ARLA Propertymark’s Private Rented Sector report shows that the number of new prospective tenants is on the increase, with the average branch registering 97 new tenants, breaking January’s record of 88.
The number of rental properties reached an all-time high last month too, with an average of 208 managed per branch, beating the previous record of 192 in July 2017.
The average tenancy length was also at an all-time high in July according to ARLA, with tenants staying in their properties for 21 months.
Live chat provider Yomdel adds that the level of activity has been astonishing. “We have the perfect storm of good intent here, with people swarming across estate agent websites,” reports founder and CEO Andy Soloman.
“Perversely, agents are telling us they can’t cope with the volumes of new business leads and are struggling to give the right attention to the right people at the right times.”
Yomdel says new landlord enquiries on websites are up 1.7% – 23% above average, while new tenant enquiries are up 3.6% – 38% above average in the week to 23rd August.
It reports that the sites have proved a hugely popular draw and that the proportion of people choosing to engage via live chat was 71% above the pre-Covid-19 average, while the volume of leads captured this way was 93% higher. Vendor enquiries were also 111% higher than the same week in 2019.