The events of the past year have hit the local rental market hard, with the property market effectively being frozen for the best part of three months from the first 'lockdown' it was inevitable the market would be disrupted, however, few would have anticipated the real impact COVID 19 has had on the local rental market.
A sector that has been hammered by legislative and tax changes over the past few years had already created a shortage of properties available, (many landlords chose to sell up and exit the sector whilst the sale market was buoyant and tax changes saw their profits dwindled.), COVID 19 has further exasperated this shortage, possibly now at critical levels.
We are experiencing previously unseen levels of demand for rental properties, quite literally receiving dozens of inquiries from prospective tenants for nearly every property. Along with the increase in demand for property, the lack of supply has naturally seen an increase in the rental values of properties, whilst this is good news for property owners, tenants are naturally feeling the squeeze.