"With so much tenant demand, agents are being forced to be stricter on the ‘pre-application’ process before viewings to ensure they spend their time with those who are serious about putting in an application"
However, it’s also a challenge for agents with the sheer volume of enquiries coming through– one which there are a number of ways to mitigate, according to Ali Durrant – who manages the Wolverhampton branch of Concentric Sales and Lettings.
He says that 'tenant demand has been at a record high for a few years now', with it being commonplace to up to ten applications for each property (and sometimes more) regardless of the type and size of the privately-owned home being advertised.
As well as a lack of supply in the market – no doubt exacerbated by the reduction in local authority-owned properties in recent years – there’s also been a decline in the number of tenants moving out of properties, (with the average tenancy lasting 4 years now) reducing how often agents are re-marketing properties already within their portfolio.
The latter is likely to be linked with an increase in difficulty getting on the housing ladder, with rises rates and the cost of living crisis making it harder for renters to secure a mortgage.
Ali says: “Tenants staying longer also means more rent reviews are necessary as rents will be increasing in the area throughout those long-term tenancies. It’s important for us to ensure clients are getting the right income from their properties, especially given the current situation - landlords have more financial challenges than ever right now, so tend to appreciate their agent being on the ball when it comes to these reviews.
“With so much tenant demand, agents are being forced to be stricter on the ‘pre-application’ process before viewings to ensure they spend their time with those who are serious about putting in an application.
“Lastly, with low stock out there, it makes marketing even more crucial as that means agents can bring in new landlords and test out new ways of doing so!”
