Unprecedented Demand with 40,000 Rental Viewing Requests in a Month with One UK Agency
Published by Magnate Assets on
Aug 28, 2023
Edinburgh and Glasgow, two of Scotland's vibrant cities, have recently witnessed an astonishing surge in rental property viewing requests, with a staggering 39,400 inquiries flooding in during the month of July. DJ Alexander Ltd, the largest letting agent in Scotland, experienced this remarkable influx of interest, painting a vivid picture of the thriving rental market north of the Border.
Managing nearly 10,000 properties in Scotland, DJ Alexander Ltd reported that the surge in demand they encountered during July is a landmark occurrence in their extensive 41-year history. However, this unprecedented demand raises concerns within the agency, as they fear the situation could escalate unless substantial changes take place in the supply of rental homes.
David Alexander, the Chief Executive Officer of DJ Alexander Scotland, articulated his observations, stating, "While the demand for properties in the private rented sector (PRS) has been steadily growing over the past few years, the past year has witnessed an exponential increase." Alexander pointed out that the high numbers of viewing requests, which were previously unimaginable just a few years ago, now regularly see hundreds of individuals competing for each available property. This competition, coupled with limited availability, paints a challenging picture for hopeful renters.
Alexander emphasized that a comprehensive solution needs to be crafted to tackle this issue effectively and prevent potential future problems. He suggested a cross-party collaborative effort that encourages investment in the private rented sector, an upsurge in house construction, and a sustainable increase in social housing development. The goal is to prevent the current situation from becoming more severe in the coming years.
The CEO further explained, "We need a broad-based approach involving input from builders, planners, property investors, landlords in both social and private sectors, letting agents, and tenants. This collective effort will lay the foundation for a rental market equipped to handle growing demand down the road."
Alexander acknowledged the magnitude of this challenge, emphasizing the need for a forward-thinking, long-term strategy. He underscored that the solution requires careful planning and cooperation over the span of decades rather than just a year or two. The core of this approach lies in fostering a rental market that accommodates varying needs while ensuring housing availability for all.
In conclusion, Alexander reiterated the urgency for a coordinated, structured, and well-managed approach. He noted, "The status quo is no longer tenable, and immediate action is required to ensure the steady supply of suitable homes for everyone in our country."
The growing demand in the rental market, as witnessed by DJ Alexander Ltd, serves as both a challenge and an opportunity. It prompts stakeholders to come together and forge a path towards sustainable housing solutions that can meet the needs of tenants, landlords, and the broader community in the years ahead.