The Impact of COVID-19 on the Lettings Market in Edinburgh - Insights from Milards Letting Agency
At Milards Letting Agency, we understand that the COVID-19 pandemic has brought significant changes to various aspects of our lives, including the property market. In this blog post, we will delve into the impact of COVID-19 on the lettings market in Edinburgh. Whether you're a potential renter or a landlord, it's essential to stay informed about the evolving landscape and understand how it may affect your rental journey. Join us as we explore the effects of the pandemic on the Edinburgh lettings market and provide insights into what it means for renters and landlords.
Shift in Tenant Priorities and Demand
The pandemic has led to a shift in tenant priorities and preferences. With remote working becoming more prevalent, many individuals are seeking properties with dedicated home office spaces or adaptable living areas. Additionally, outdoor spaces, such as gardens or balconies, have gained increased importance as tenants look for places to relax and enjoy fresh air. As a result, properties offering these features may experience higher demand in the Edinburgh lettings market.
Remote Viewing and Virtual Tours
Social distancing measures and travel restrictions have necessitated the adoption of virtual technologies in the lettings market. Virtual property viewings and online tours have become popular alternatives to in-person visits, allowing prospective tenants to explore properties from the comfort and safety of their own homes. Milards Letting Agency has embraced these digital solutions to provide an immersive and convenient viewing experience for our clients.
Fluctuations in Rental Prices
The pandemic has introduced fluctuations in rental prices in Edinburgh. While some areas may have experienced a temporary decrease in rental prices due to reduced demand, other desirable neighbourhoods have remained resilient or even witnessed price growth. Factors such as location, property type, and amenities continue to play a significant role in determining rental prices. It is crucial for tenants to stay updated on market trends and consult with experts at Milards Letting Agency to make informed decisions.
Evolving Safety Measures and Protocols
The safety and well-being of tenants and landlords have become paramount during the pandemic. As a result, enhanced safety measures and protocols have been implemented to ensure a secure rental process. These measures include rigorous cleaning and sanitisation practices between tenancies, contactless key exchanges, and adherence to government guidelines for property visits. Milards Letting Agency is committed to prioritising the health and safety of all parties involved in the letting process.
Support for Landlords and Tenants
The pandemic has brought financial challenges for both landlords and tenants. Government initiatives, such as the furlough scheme and rental assistance programs, have provided support to individuals facing economic difficulties. Milards Letting Agency closely monitors changes in government policies and communicates relevant information to our clients, offering guidance and assistance to navigate these challenging times.
