Relationship breakdowns increases demand on Rentals
A MASSIVE surge in demand for homes to rent is being reported by residential letting agent Belvoir Lettings based in Bournemouth, Dorset
One of the reasons, apart from difficulties experienced by would be homeowners in finding a mortgage has been dubbed the “Ex-factor” – a seasonal peak in relationship breakdowns.
Over the past month Belvoir has seen the number of applicants on its database searching for properties to let rise to unprecedented levels.
With available stock running at an all time low, with an average of 6 tenants chasing each property.
Mike Betteridge, with an office in Westbourne, Dorset, cites a rising number of relationship break-ups as a major reason, the peak of this is in January but in September they have received the annual level already. Many couples in relationship difficulties have tended to stay together for the sake of their children during the long summer holidays, and start of the new school term but come the back to work season they make the break. This is usually the reason over Christmas when people are cooped up and spending time together with family and then add alcohol.
Mike said: “We should also not lose sight of the fact that the number of new couples looking to move in together also forms a large element of our client base, so our staff are well versed in dealing with both ends of the relationship spectrum.”
Whatever the reasons, the surge is real, says Mike who reports there are a growing number of would-be tenants on his waiting list and only a few properties at any one time to meet the peaking demand.
Mike continues “They are going within 24 hours. Some people have even asked if they could take the properties they have seen on the internet without physically viewing them, but we don’t do that.”
The surge, he said, was a combination of factors – difficulties obtaining mortgages, people holding longer tenancies than before and many tenancies coming to an end at this time of the year.
