Accommodation.co.uk, the national lettings agency, has seen first-hand how the COVID pandemic has affected the industry across the UK and a recent project saw more than half (53%) of tenants, when given the option, requesting flexible rolling contracts with agreement terms of less than 6 months
The property tech firm is already causing ripples in the rental market, as it’s unique hybrid model and market leading tech is updating the archaic sector and it has been a winning formula for both landlords and tenants.
This tech-based model means the agency can quickly learn and adapt to national trends and demands across the rental sector. Pre-COVID data showed that the vast majority of tenants were happy with the standard letting contracts but as job security and uncertainty becomes more concerning many are refusing to commit to long term rental agreements.
This new trend comes as the government extends a rule change that means courts will continue not to hear repossession claims by landlords until 20 September. This extension is due to many tenants having struggled with rent during the coronavirus pandemic.
The pandemic has highlighted ongoing historical issues in the rental market and landlords are having to adapt as renters expect more flexibility and access to a variety of different rental options such as build to rent and new builds.
Aaron Short, Founder at Accommodation.co.uk said, “The future of the lettings market is exciting and if anything, the COVID-19 pandemic has accelerated the modernisation of this sector.
At Accommodation.co.uk we have been at the forefront of updating this archaic industry and our data shows that the rental market needs to adapt to the ‘new normal’ ensuring tenants have variety, options and security more than ever.”