UK rental guarantor service Housing Hand has revealed insights into 2022’s hottest rental sector trends, based on its extensive work with accommodation providers across the UK and Ireland.
Top of the list – landlords and tenants alike are looking for greater security and a faster, more in-depth rental experience.
Housing Hand has experienced “huge interest” from both tenants and accommodation providers in creating a faster move-in process that provides for a seamless tenant journey. This doesn’t just deliver a better experience by removing barriers to renting for tenants, but also increases revenue for accommodation providers, who can fill their properties faster. The trend applies to co-living/build to rent schemes as well as to purpose-built student accommodation.
The return of student demand has been another strong trend over the past quarter and is set to continue into 2022, with Housing Hand receiving a wave of last-minute applications from young people looking for rental guarantors for their accommodation while at university. Compared to September 2020, the number of students using Housing Hand as a guarantor was up by 69% in September 2021, reflecting the trend of late bookings that accommodation providers have been experiencing.
“Historically, Housing Hand would experience a 15-week peak season beginning at the end of June. However, this year, we have experienced a condensed season of 7 weeks, ramping up from the beginning of August.”
James Maguire, Head of Sales and Business Development, Housing Hand
Students’ last-minute scramble for homes tied in with the relaxation of travel restrictions in the UK, which saw non-EU international students booking later than usual. However, there was no corresponding rush of working professionals from overseas. In fact, their numbers decreased significantly compared with 2020, due to a combination of the difficulty of getting permits to work in the UK and concern over Covid.
At the same time as students have been rushing to secure their homes, accommodation providers have been seeking guarantors at an unparalleled rate.
“We’ve seen unprecedented demand over the past quarter from accommodation providers for high-quality guarantor services. After a torrid period, including the suspension of evictions and the extension of notice periods, and defaults now topping out following Covid, it’s not surprising that landlords are looking for greater security, a trend we expect to continue into next year.”
Terry Mason, Group Operations Director, Housing Hand
Housing Hand is well positioned to provide that security, with a 100% pay-out rate on all valid claims. The company continues to remove barriers to renting, while enhancing the experience for all parties – tenants, accommodation providers and letting agents.
