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The Epsom Rental Market Spring Update

Wed 24 Apr 2024

Within the Epsom rental market, swift action is becoming the norm rather than the exception. According to the latest findings from a Dataloft poll of subscribers, a staggering 65% of properties placed on the rental market are being secured by renters within just a week of being listed. What's more astonishing is that 15% of these properties find tenants in just three days.

This data, compiled from a survey spanning the recent rental market trends, highlights a significant uptick in the pace of rental transactions compared to earlier in the year. In January, the proportion of properties let within a week stood at 61%, indicating a notable surge in rental activity over a relatively short period.

What could be driving this rapid turnover in the rental market? Competition remains fierce between tenants in Espom, with an average of more than 15 enquiries for every available rental property. 

The decreasing availability of rental properties further increases the competition. Less than 6% of properties currently stay on the market for more than two weeks—a stark comparison to the 14% observed at the beginning of the year. This swift absorption of available properties underscores the urgency with which tenants must act to secure their rental homes.

This trend underscores the importance of preparedness and agility for both renters and landlords alike. For tenants, it means staying vigilant and ready to act swiftly when a desirable property hits the market. Being well-prepared with necessary documentation and financial readiness can make all the difference in securing a rental property in today's fast-paced market.

Landlords, on the other hand, can benefit from this trend by ensuring their properties are well-prepared for listing and promptly responding to enquiries. Pricing properties competitively and offering attractive lease terms can also help landlords capitalise on the high demand and minimise the time their properties spend on the market. Kaybridge Residential can help all landlords with this.

In conclusion, the rental market is witnessing a frenzy of activity, with properties being snatched up at an unprecedented pace. Competition remains fierce, emphasising the importance of readiness and responsiveness for both tenants and landlords. As the rental market continues to evolve, adaptability will be key to navigating its ever-changing dynamics.