Rental market activity bounced back aggressively during the three months that followed the first lockdown, new analysis has revealed, and continues to do so now.
While market activity slumped by 31% during the March to May lockdown months, from the beginning of June to the end of August the number of new tenancies increased by 22% year-on-year, says deposit replacement scheme Ome.
Its analysis of market activity reveals that there were 125,932 new tenancy deposits protected with the Government authorised scheme mydeposits during June, July and August.
This compares with just 98,412 during the same period last year.
And the bounce-back continues; during September 49,146 new tenancies were taken up, the highest monthly figure so far this year.
Ome co-founder Matthew Hooker says the rental market’s quick return to normal transaction levels is down to both demand bottled up during the lockdown and many renters realising their current homes are too small.
“One of the great benefits of a strong private rented sector is the flexibility it offers to those that have reassessed their living conditions and now want something different,” says Hooker.
“The post-lockdown rebound is encouraging because it shows confidence and willingness from renters to expand their horizons and readjust to their current circumstances.
“This flexibility to adapt and overcome, rather than make do with arrangements they had made prior to the pandemic, highlights just how buoyant, resilient and adaptive the private rented sector can be.
“Ome was born out of the need for renters to have greater financial flexibility and choice.”