Is the Summer Boom going to become a Super Boom?

Renting is on the rise. That much is clear. But as the Summer Boom continues on, are we likely to see a Super Boom occur?

What could a Super Boom look like?

We’ve taken a look at some of the potential outcomes – and depending on your perspective, these might be positive or negative:

 

• More choice for landlords and renters bidding for properties
• Suburbs rental opportunities increasing,
• Quicker snap-ups and faster move-ins
• Additional Student lettings boom, post Covid, early 2021
• High demand for properties with gardens
• Larger properties are in higher demand
• Properties with high broadband speeds are prioritised
• Increased housing prices driving demand for renters
• Inner city rentals decreasing
• More competition between landlords
• Flats performing worse than houses as people look for more space

From September (and moving through the Winter as the UK may potentially face a second wave of coronavirus) renters are looking to settle into their long term post-covid homes. Bigger, with outside space and away from inner cities; these properties are in high demand and renters are moving to accommodate for this. This may elongate the Summer Boom that we’re currently experiencing in the Renting Market at the moment, and create a Super Boom where increased movement continues for much longer than expected.

In addition, if we don’t face a second wave, new and existing students who have been required to distance-learn during the pandemic will no longer be required to and will then be encouraged to move closer to universities, driving up renting both in traditional student housing and in the private renting sector.

Finally, with the increased market activity comes competition on both sides. Of course, the huge benefit to this is that landlords may get multiple bids from potential tenants for their properties, allowing landlords to be far more selective when securing tenants. Win for the landlords, but less enjoyable for the tenants who may find their ideal property is scooped from under them by a better offer.

Whether we see a full Super Boom or not, there’s still time to make the most of the Summer Boom for 2020.