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Third of tenants happy to rent property without physical viewing

Surprising comments are made to researchers conducting a survey of the private rental market for letting software company Goodlord.

Nigel Lewis

Virtual viewing headset image

The extraordinary impact of Covid on the lettings market has been revealed after a third of tenants told a survey that they would make an offer on a property following only a virtual viewing.

A quarter of tenants also told the Goodlord poll that they are considering a home move, including 27% who want to move because of Covid and 24% who need to move to a new area of the country.

But while this will be good for quicker viewings, agent turnover and lettings volume, the report also reveals a widening gap between have and have-nots within the private rental market.

A quarter told the poll they were worried about meeting their rental payment in the coming months, while a further quarter said they wanted to move home as they sought more space to accommodate their new home working lifestyle.

Missed payment

But more worrying for letting agents is that 12.5% of those polled said they had either missed a rental payment due to Covid or had agreed alternative payment terms.
And just over a quarter of said their pay wasn’t secure or that they were worried about being paid in the future – with only 40% confident of their future income.

But somewhat predictably, those aged between 18-34 reported the most financial strain.

Link to Comment on the lettings market“Both financial strain for renters and the overall impact of lockdown is translating into some macro shifts for the wider property market,” says Tom Mundy (left), COO of Goodlord.

The poll was conducted by Goodlord among 2,750 tenants. Download the full report.

September 22, 2020

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