Just 49% of current rental market listings are immediately available to tenants, the latest research by Zero Deposit has revealed.
Zero Deposit analysed almost 128,000 current rental market stock listings looking at the market split between those that are immediately available to renters, versus those that won’t become available for at least a month or more.
The results show that across England, just 49% of current rental market listings were immediately available to tenants, allowing them to make their move straight away should they manage to secure a property.
A further 16% of current stock was available to tenants within a month, while 11% wasn’t available for up to three months.
What’s more, almost a quarter (24%) of current rental market listings weren’t available to let for as long as six months or more.
The West Midlands was home to the highest proportion of rental stock immediately available to tenants at 56%, with over half of the stock also available straight away across the East of England (53%) and London (52%).
However, it’s the North East that most urgently needed more landlords and rental properties, with just 42% of current rental market stock immediately available in the current market, whilst 35% of current listings weren’t ready to move in for six months or more.
The South East also ranked as one of the worst regions for immediate rental market stock availability, with just 44% of stock available in the current market, while a quarter (25%) of properties weren’t ready to move into for at least six months.
Sam Reynolds, CEO of Zero Deposit, said: “Rental market supply is arguably the biggest issue within the sector today and such is the demand for rental homes that many are being listed to let before they are even available.
“This demonstrates the severe imbalance between supply and demand and really does highlight the need to encourage more landlords into the sector and provide sufficient incentives for them to stay there, in order to provide the vital rental homes needed.
“Unfortunately, the Government is yet to realise the error of its ways in deterring buy-to-let investors in recent years and until they do, we’re unlikely to see the landscape change for the better.”
