More tenants than ever seek housing as rental stock dwindles
January’s Private Rented Sector Report shows that the demand for rental accommodation has reached a record high in January, with an average of 88 prospective tenants registered per member branch. However, supply of rental stock fell to the lowest level seen in months.
Rent increases, meanwhile, rose in January, with 42 per cent of letting agents witnessing landlords increasing them, compared to 32 per cent in December last year.
Year-on-year, demand for rental accommodation has increased by 21 per cent, rising from 73 in January 2019 to 88.
David Cox ARLA Propertymark Chief Executive commented
“This month’s results are a huge blow for tenants. With demand increasing by more than half, but rental supply falling, rent costs are unsurprisingly being pushed up. Our recent research found that tenants could miss out on nearly half a million properties as more landlords exit the traditional private rented sector and turn towards short-term lets which will only serve to worsen the problem for those seeking longer term rental accommodation.
With the Spring Budget around the corner, it’s important that the Government works to make the private rented sector attractive to landlords again, rather than introducing complex legislation which ultimately squeezes the sector and leaves tenants worse off.”
If you are a landlord with a vacant property, OneAgency, Stoke-on-Trent would love to hear from you, or maybe you are looking to expand on your property portfolio.Our property experts are available 8am-8pm to advise and assist you with your property journey.