More tenants than ever seek housing as rental stock dwindles

ARLA Propertymark’s Private Rented Sector (PRS) 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, the supply of rental stock fell to the lowest level seen in seven months.

DEMAND FROM TENANTS

Demand from tenants in January increased to the highest level on record with 88 prospective tenants per branch compared to 56 the previous month. This means that agents witnessed a 57 per cent increase in the number of tenants registered since December.

Year-on-year, demand for rental accommodation has increased by 21 per cent, rising from 73 in January 2019

SUPPLY OF RENTAL STOCK

Despite demand rising, the number of properties managed per branch fell from 206 in December to 191 in January. Supply has not been this low since July last year when it stood at 184.

RENT PRICES

Despite demand rising, the number of properties managed per branch fell from 206 in December to 191 in January. Supply has not been this low since July last year when it stood at 184.