Rental market in 2022 most competitive on record

An analysis of the rental market shows 2022 was the most competitive on record.
At its peak, there were quadruple the number of tenants enquiring about properties to move to, as there were properties to rent.
Rightmove’s ‘whole of market’ data on buyer, seller, tenant and landlord behaviour has also tracked shifts in what tenants are looking for this coming year.
Tenant searches for bills included are up 57% compared with this time last year. The significant increase in searches reflects greater concern from tenants about their energy bills, and increased interest in properties that can include bills within the monthly rent.
When it comes to sales, Rightmove’s research shows buyers’ habits have changed since the pandemic. Whereas during the pandemic people were looking for their next home outside cities, this has now reversed, and search behaviour is back to more normal pre-pandemic patterns.
Sheldon Bosley Knight’s lettings manager Sarah Scaysbrook said: “With the cost of living crisis, it’s no surprise tenants are preferring rentals with bills included. We anticipate this trend will continue for some time.
“However, our concern is the fact demand is outstripping supply and tenants are facing such competition for homes.
“In terms of sales, we have also seen a growing trend towards town and city living again as people spend more time working in an office. That said, there is still plenty of demand for homes in the countryside.
“The Midlands continues to be a great place to invest, whether as a landlord or as a home buyer. Access to transport links, schools and countryside are within easy reach and there are a variety of home styles and prices to suit most budgets.
“As ever if you are a landlord, tenant or looking to buy your dream home, we at Sheldon Bosley Knight can help you. Visit our website  or pop into one of our offices and speak to one of our advisers today.”