The Isle of Wight has seen the largest decline in the UK for available properties to rent, with an 82 per cent decrease in available rentals.
That means only one in five properties are now available to rent compared to the summer before Covid (2019).
More people looking to rent
Not only that, but demand for rental properties is nearly four times what it was.
The data comes from a study by Rightmove, who say that competition for rentals on the Island has more than quadrupled, rising by 376 per cent.
Landlords switch to holiday lettings
This won’t come as news to the residents seeking long-term rentals, who have discovered in the last 18 months that many landlords have decided to put their properties on the holiday-let market instead.
Tim Bannister, Rightmove’s Director of Property Data, said,
“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.”
White: In 30 years never seen rental market like it is now
Matthew White, Director at Hose Rhodes Dickson, said,
“In more than 30 years working in lettings, I’ve never seen a rental market like it is now. Stock levels are reducing year on year, and tenant demand is the greatest it’s ever been.
“The Isle of Wight is in a unique geographical position, and due to many now able to work from home, we’re seeing less ‘accidental landlords’, whereas pre-covid, homeowners could find themselves suddenly needing to commute to the mainland due to a change in job or circumstance, which is reducing a source of the rental properties becoming available.
“A lack of choice and available property also means we’re seeing more tenants staying put.
“That said, conversely, we’re seeing more investment in property this year, as people look for a greater return on their money, which more often than not, property delivers.”
The table below shows where the Isle of Wight ranks against other seaside resorts in the UK.
| Location | Decline in available rental stock | Increase in tenant competition for available properties |
|---|---|---|
| Isle of Wight | -82% | +376% |
| North Devon | -80% | +292% |
| West Devon | -76% | +264% |
| Northumberland | -74% | +253% |
| Blackpool | -74% | +517% |
| Torridge | -73% | +335% |
| South Tyneside | -73% | +341% |
| Neath Port Talbot | -73% | +172% |
| Cornwall | -72% | +345% |
| North Tyneside | -72% | +279% |
Source: Rightmove
Image: Jaye Haych under CC BY 2.0
