News: Rental stock slumps in tourist areas thanks to Staycation craze

Thu, 23 Sep 21

New data from Rightmove reveals the effect the staycation boom is having on the rental market across Britain.

Seaside towns and other holiday resorts have seen the biggest decline in available properties to rent when compared with the summer of 2019.

The Isle of Wight is topping the list with a fall of 82 per cent in available rental stock.

The analysis of over 400,000 rental listings compares available rental stock in June and July 2021 with June and July 2019, to measure current rental availability against pre-pandemic levels.

The shortages have led to a surge in competition among tenants who are looking for a long-term place to rent, with an average uplift of 317 per cent in tenant demand for each property across the 10areas that have seen the biggest declines.

The change in tenant competition is measured by the number of tenants enquiring in an area on Rightmove compared to the number of available rental properties in that area.

Competition is more than six times higher in Blackpool (+517 per cent) and has more than quadrupled in the Isle of Wight (+376 per cent) and Cornwall (+345 per cent).

Tim Bannister, Rightmove’s Director of Property Data, comments: “Landlords in the typical tourist destinations around Britain have been chasing the huge surge in demand for holiday lets this summer, which has led to a temporary drop in the stock available for permanent tenants. 

“However, as the summer holidays are coming to an end, agents are now reporting more landlords turning their attention to longer-term tenants as a more secure and stable option for the rest of the year and into 2022. 

“The value of a good tenant should not be underestimated, and with the competition for rental properties in these areas so high right now, it could be a good time for landlords to take stock and consider their best longer-term option.”

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