A RECORD NUMBER OF NEW TENANCIES AGREED IN JULY 2024
For the third consecutive month our lettings department has agreed a record-breaking number of new tenancies, with 73 for the month of July, 6 more than July 2023. It’s a sure sign that we’re in the thick of the summer market.
A CONTINUED SHORTAGE OF PROPERTIES AVAILABLE TO LET – 248 ENQUIRIES FOR ONE FLAT!
While there are slightly more properties on the market this year compared to last, the imbalance between lack of supply and the huge tenant demand in Edinburgh persists. On average we’re receiving 60-70 enquiries per property and it’s not uncommon for our team to handle over 100 enquiries for single property. Our top performing property in July, a 2-bedroom flat in Slateford, popular with professionals and students, received 248 enquiries which shows just how competitive it can get; 248 people chasing after 1 property!
TENANTS READY TO JUMP ON THE RIGHT PROPERTY
The result of such strong tenant demand is that our average Time To Let has dropped from 13.4 days this time last year to 12.5 days this July. We’ve noticed that most tenants have an understanding of the need to be decisive and to be ready to respond or apply right away. It’s clear that tenants understand the heat in the market and the need to be ready to beat the competition for each property.
HOW ARE THINGS LOOKING FOR THE REMAINDER OF THE SUMMER?
The annual surge of students looking for accommodation ahead of the start of the academic year continues and we’ve increased the number of viewings we’re conducting to satisfy as many potential tenants as possible, with our team carrying out over 150 viewings in July. With existing tenants only having to serve 28 days notice to vacate, we do expect some flats to come back to us after the Edinburgh Festival which will no doubt be snapped up quickly once they go live. However tenants need to be ready to react quickly if they want to secure their next home in such a fiercely competitive rental market.