Rents still rising, as demand from tenants remains high
Rents are rising across the UK as tenant demand remains high, said Propertymark.
In its latest Private Rental Sector report, the trade body revealed that the number of homes for rent remains low. Letting agents reported having nine properties on average per branch that were empty and freely available to rent in April.
While this figure has increased significantly since February’s low of five, it’s still below the pre-pandemic average for April of 10.
Demand still high
An average 95 new applicants registered per member branch in April, up from 78 per branch recorded in February, as demand increases from tenants.
The high demand and lack of supply is pushing up rents with three-quarters of letting agents reporting rent increases in April compared to the pre-pandemic figure of just 31 per cent on average (based on 2015–2020 data).
Nathan Emerson, CEO of 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.”