The Covid-19 pandemic has fundamentally altered almost every aspect of our daily lives, and the rental market needs to adapt to these changes, which represent a ‘new normal’, according to Accommodation.co.uk.
The letting agency does not expect to see a reversion to pre-Covid-19 normality anytime soon, and is calling on buy-to-let landlords to adapt to changing demands in the PRS.
This tech-based company reports that a recent project saw more than half - 53% - of tenants, when given the option, requesting flexible rolling contracts with agreement terms of less than six months.
The property tech firm says that 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 to help tenants cope withthe existing crisis.
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, commented: “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.”