Agents' view on the rental market
In this short article we take a quick look at Lettings Agents views on the market
The August sentiment survey by Royal Institution of Chartered Surveyors (RICS) gauging the mood of agents, showed improvement in the lettings market. Tenant demand has continued to increase and short-term rental growth is expected.
Tenant demand has continued to rise sharply following a large decline during lockdown. A net balance of +49% of agents report an increase in tenant demand in August.
New instructions to let property remain flat, a continuation of the pre-lockdown trend. Supply levels have been constrained since September 2016.
Increased demand and low supply means that agents are expecting rents to rise in the short term. A net balance of +31% of agents expect rental growth over the next 3 months, a similar percentage to pre-lockdown. Source: Dataloft, Royal Institution of Chartered Surveyors