17^th June 2020

Rental market still strong despite Coronavirus

The recent lockdown has undoubtedly been a time of uncertainty for many people but, despite this, rents appear to be holding well across the UK, with some areas even showing a year-on-year increase.

According to current figures published by the Homelet Rental Index, the average monthly cost of rent for new tenants rose by 2.7% last month to £959 compared with the same month last year, with the current average rent on a property in Cambridge standing at £1,212 per calendar month. This is much higher than the national average, making the city one of the top 10 most expensive places in which to rent in the UK.

While rents are holding up well generally across the UK, London saw a drop of 0.2% in May compared to the same period in the previous year. However, the cost of renting a property in the capital is, on average, still a massive 67% higher than anywhere else in the United kingdom.

With uncertainty surrounding Brexit and the continued lifting of lockdown restrictions, it is difficult to predict what will happen in the rental market over the next few months, as explained by Andrew Ward, owner of Award Property Management based in Cambridge. “Although we can’t predict what might happen in the future, rental costs are holding up well at the moment,’ comments Andrew. ‘And with demand for rental properties increasing dramatically in Cambridge since lockdown restrictions have been eased, it doesn’t look as though prices will drop any time soon. Cambridge is a very popular area and at Award Property Management we are working as hard as we possibly can to help our clients find accommodation. We would therefore encourage anyone who is in the rental market to contact us to discuss their requirements. We are always happy to help.”

Award Property Management are letting agents in Cambridge, so if you need any help or advice with any aspect of renting or the wider rental market, why not get in touch? We’d love to hear from you.