Rents are rising across the UK but despite this Propertymark members continue to see high demand from prospective tenants.
Whilst the number of homes for rent remains low the association members reported having nine properties on average per branch that were empty and freely available to rent in April.
This figure has increased significantly since February’s low of five, and is only slightly below the pre-pandemic average for April of ten (2017–2019).
Demand also remains high with an average of 95 new applicants were registered per member branch in April which has increased compared to 78 per branch recorded in February.
Tenants are also staying put for longer. Terminated lease lengths extended to 24 months on average across the UK in April up from the long-term average of 19 months (based on 2015–2021 data).
But rent rises continue with some 75% of member agents reporting month-on-month rent prices increasing in April compared to the pre-pandemic figure of just 31% on average (based on 2015–2020 data).
Nathan Emerson, CEO Propertymark, said: “The private rented sector desperately needs more properties to meet the overwhelming demand from tenants.
“The market is starved and as such is becoming very competitive for tenants trying to secure a home.
“Letting agents reported tenants feeling so desperate they are even creating CVs for their children and pets as well as offering over the asking price if it means they can secure a property.”
