Seaside towns in Cornwall and Devon decimated by rent shortage

Seaside resorts in Cornwall and Devon have been hit the hardest by the property shortage this year, data has shown.

Tianna Corbin

Compared to the summer of 2019, the number of properties by the sea available for long-term rent has fallen by more than 75%, while competition has increased 345%.

Property website Rightmove compared the available rental stock in June and July 2021 with June and July 2019.

Their analysis showed that in Cornwall, the number of available properties by the sea fell by 72%, with competition up 345%.

In North Devon the number of available properties fell by 80%, with demand up 292%.

In West Devon, the demand had risen 264%, while the amount of properties available had fallen by 76%.

Rightmove’s Director of Property Data, Tim Bannister said: ” Landlords in the typical tourist destinations around Britain have been chasing the huge surge in demand for holiday lets this summer, which has led to a temporary drop in the stock available for permanent tenants.”

He continued: “As the summer holidays are coming to an end, agents are now reporting more landlords turning their attention to longer-term tenants as a more secure and stable option for the rest of the year and into 2022.

“The value of a good tenant should not be underestimated, and with the competition for rental properties in these areas so high right now, it could be a good time for landlords to take stock and consider their best longer-term option.”