New Zoopla Research Shows New Numbers for Rental Listings

During this unprecedented time, portals have continued to conduct research to predict and prepare for whatever heads their way while the coronavirus pandemic ravages the world. Zoopla has recently released numbers showing an interesting take between rental listings and home sales. 

An analysis of rental listings on the Zoopla portal showed there was a 60% drop in properties listed on the market from lettings agents. Yet, the number of rental listings on the site has only fallen 3% since the beginning of March. 

Analyses from other portals have come to a similar conclusion—many are practicing a wait-and-see strategy. 

In fact, Zoopla research found that tenant demand, though still much lower than previous years (understandably so), it’s some 20% less than the buyer demand, which is a chilling 70%. Furthermore, the rental market has about 1.2 million moves a year, whereas the sales market sees about 1 million moves.

Gráinne Gilmore, Head of Research at Zoopla, said:

“The flexibility of the rental market is one of the key factors which has allowed activity to bounce back more quickly than other parts of the property market.”

Zoopla is confident that the rental market will make a strong comeback once the dust settles. Technology can be accounted for some of that confidence, as agents can still conduct business from the safety of their homes, would-be tenants can view a property through video tours, and all terms and transactions can be completed via the internet.