In a clear indication that Swansea landlords aren’t marketing their properties during lockdown, the number of properties currently available for let in Swansea has dropped for the first time this year.
The peak for the year so far came in March, when there were 1,527 properties available (ranging from 1 bedroom properties to 5 bedroom properties). By May, the number of properties available had fallen by 4% to 1,479.
Rents this month are also down 4.2% compared with last year, with the average rent for Swansea sitting at £773pcm*.
Rightmove are reporting 6.2% drop in prices in the first quarter of 2020 for Wales, but an average of 2% increase in rents compared to the same period in 2019.
With home–working being considered a more long term solution, demand for homes with gardens has made headlines in the press for home movers – and the same is likely for long term renters, too.
Easy access to outside space for exercise breaks or a good view will also be on the checklist for renters in Swansea, along with excellent wifi accessibility of course.
With an expected influx of properties to the market in the next few weeks as landlords start to let again, it’s likely average rents will stagnate across the board for a while as supply and demand balances out and tenants have a wider choice of properties to choose from.
That said, making your property appealing to your target tenant by specifically offering them what they are looking for in a new home will make achieving asking rents much easier.
If you are a self-managing landlord with an empty property and are keen to get your property let quickly to you ideal tenants, and/or you are looking for to review of your rental marketing strategy, book in with one of my lettings experts for a complimentary 15 minute consultation.
(*data provided by Zoopla and accurate on 28/05/2020.)