Reluctant Derbyshire landlords urged to let homes amid rental ‘boom’

Marble Property Services said, with Covid-19 affecting the supply of rentals, it has seen numerous properties being rented out within 24 hours.

Now, with demand outstripping supply, it is urging landlords to “recognise good yields and quick lets are now not just possible but virtually guaranteed”.

Felicity Gordon, Marble senior lettings and property manager, said: “The local property market has become incredibly fast paced.

“Because of what’s been happening with the pandemic, there are simply not enough rental properties coming onto the market – so rates are higher and turnaround times are faster than ever before.”

Marble, of Borough Street, Castle Donington, said, with job uncertainty and cautious mortgage lending affecting people, particularly first-time buyers, there has been an increase in the number of people looking to rent, as well as a reduction in available homes as people remain as tenants longer.

Ms Gordon said: “Throughout the East Midlands where we have tenants waiting for suitable property, it’s clear even high-level rents are being snapped up almost instantly.

“You might previously have seen a few rentals going on the first viewing or within 24 hours of a listing being made live, but now it’s literally every single one.

“People looking to rent have often been looking for quite a while, so it’s actually reaching the stage where you have to be quite lucky to secure a rental property.”

“With the current market looking so dynamic, I urge potential landlords in a position to move forward to act now.”

A message from Phil Bramley, Derbyshire Times Editor...

In these confusing and worrying times, local journalism is more vital than ever. Thanks to everyone who helps us ask the questions that matter by taking out a subscription or buying a paper.