As a leading letting agent in Hertfordshire, we pride ourselves on keeping a close eye on the rental market across Hitchin, Biggleswade, Letchworth Garden City, Stevenage, Stotfold, and Welwyn. By combining local insights with national property trends, we aim to keep landlords and renters well-informed about what to expect in the current climate.
Renters are still in short supply
Back in May, we noted a significant decline in renters looking to move – a trend affecting not just Hertfordshire but the UK as a whole. Whilst we saw a positive rise in tenant enquiries over the summer months, this tailed off from the end of August, creating an autumn decline which echoes the local picture we reported on in spring.
The main culprits? The unrelenting squeeze on household budgets and rising rents. Nationally, Rightmove reports that rents outside London have climbed to an all-time high of £1,344 per month, up 5.2% from last year.
Locally, this has led to more families applying for smaller properties – ones that, while less than ideal, fit their tighter budgets. Similarly, demand for higher-end rentals has cooled. Although the pace of rent increases has begun to slow, many renters find staying put is their only viable option.
At M A S O N S, we’ve responded by doubling down on finding and retaining great tenants. While the renter pool has shrunk, excellent tenants are still out there. It’s just more important than ever to match the right tenant to the right property.
There are positive signs on the horizon, with national data showing average enquiries per rental property rising from 13 in May to 15 in Q3. But for context, the figure stood at 23 in 2023. It’s worth noting that pre-pandemic (2019), the average was only 8 – highlighting a deeper issue with supply.
The supply conundrum
Limited property availability remains a challenge, even as renter interest persists. Locally, we’re still seeing good levels of enquiries, despite a reduced tenant pool, due to the scarcity of available homes.
Rightmove notes a 13% rise in supply compared to 2023, which is promising. Yet, record numbers of rental properties are being put up for sale, which underscores the shifting dynamics of the market.
Higher risk of void periods and rent reductions
With fewer renters, prospective tenants can afford to take their time finding the perfect Hertfordshire property. The result? A slower market. Securing tenants efficiently and minimising void periods now demands expertise and a deep understanding of local trends.
Even in popular locations like Hitchin, some properties – although not M A S O N S listings – are sitting empty for longer or undergoing price reductions.
Our approach? Strategic marketing and precise pricing. As our recent Best Estate Gold Award demonstrates, we excel at avoiding price cuts through careful analysis and planning.
Why letting agents are a landlord’s best friend
The current market presents new challenges for landlords, from extended void periods to a higher likelihood of rent reductions. That’s where we step in. At
M A S O N S, we offer the expertise and resources to navigate these risks, ensuring properties are let efficiently and profitably.
Beyond finding tenants, ongoing pressures on living costs have increased the risk of payment defaults. This makes it vital to establish tenancies on a strong footing, with all legal and financial safeguards in place. Growing interest in our property management services reflects the confidence landlords have in our ability to mitigate these challenges.
Looking ahead…
The Hertfordshire rental market remains dynamic, with challenges and opportunities unfolding as we move into 2025. Stay tuned for our insights in the coming months or get in touch with us today at 01462 557 477 or [email protected] to discuss your property needs.
And finally, we would also like to thank all our landlords and tenants for their support over the past year and the M A S O N S team wishes you all a very merry Christmas!
M A S O N S is an award-winning letting agent based in Hitchin, specializing in residential lettings, property management, and buy-to-let investments in Hertfordshire and beyond.
