Demand continues to be strong as we move towards the traditionally busy summer period for lettings. Over 3000 new applicants were registered in May 2010 and the total stock of applicants now stands at over 5600.
Corporate applicants have slowly started to return to the market with increased budgets which is a positive sign as we move towards the summer. The lettings team will now be working closely with our corporate services team to maximise opportunities and ensure our offering continues to be attractive to the corporate market.
Stock levels have increased slightly month on month but are still 44% lower than this time last year. As a result, rents continue to rise. This situation continues to lessen the bargaining power of tenants who no longer have the option to view large selections of property but need to make quick decisions once they find something suitable.
Landlords are also benefiting from rental increases at renewal stage. In May 2010, 45 per cent of tenancies renewed with an increase in rent which is five per cent up on April. The average rental increase has also slightly increased at 4.66 per cent in May of this year.
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