As Umega finds its footing in the COVID-era, we are continuing to take the pulse of the lettings market. As we showed in last week’s blog, the market has kept moving throughout the summer and this week we will look at the monthly volume of move-ins this year compared to 2019.
After a drop during lockdown, move-ins have bounced back
In 2019, we experienced a high volume of move-ins during the start of the summer and a spike in early September at the beginning of the University academic year (student tenancies create significant seasonality in Edinburgh that has a knock-on effect on the professional-let market). This year, unsurprisingly we experienced a significant drop in move-ins at the beginning of April as the pandemic hit but this was followed by a rapid recovery which kick-started at the end of June as the property market “reopened”. As that happened, the percentage of move-ins quickly started to track the percentages we saw in 2019. In our earlier blog we saw that the time it takes to let a property has reduced significantly since July 2020 therefore, the relative number of move-ins has been almost the same but the timing of when they happened has been different to 2019.