No Letting Go predicts surge of new rental agreements

Property inventory management franchise No Letting Go has revealed it expects to see a flood of new tenancies in the approaching weeks.

Lettings platform Goodlord has said there was a 90 percent rise in new tenancy applications in the month of June, compared to the same period in 2019. This is a shocking statistic, but No Letting Go has suggested the rental market is set to grow even more in the weeks to come.

Nick Lyons, No Letting Go’s Chief Executive said:

“It's clear that tenants have been buoyed by the recovery of the rental market and that due to the extraordinary circumstances, activity in recent weeks has been significantly higher than the annual average.”

The estate agenct and property franchise says the surge in applications will be down to a backlog of renters who couldn’t move during the lockdown. This is likely to create challenges for lettings agencies, who need to cover this increased activity whilst sticking to strict COVID-19 safety measures.

Nick continued:

“As well as meeting all regulations and carrying out the relevant health and safety checks, it’s important that processes such as referencing tenants, carrying out a thorough inventory check-in and monitoring properties through mid-term inspections are given due care and attention.”

According to the property professional, those in the rental sector should expect a busy few months ahead of them. He has encouraged workers to show resilience and keep up their high standards.

“For letting agents, having an adaptable and dedicated staff will be more crucial than ever. Meanwhile, all stakeholders will need to make sure they work with the best industry suppliers and use technology to increase efficiency to meet compliance obligations while a quality service.”