Tenant demand hits an all time high!
The latest data and analysis from ARLA Propertymark has revealed that the number of new prospective tenants continued to rise in August, hitting the highest volumes on record with 101 registered per branch.
According to the figures, the spike in demand breaks July’s previous record of 97.
ARLA data shows that the number of rental properties available per letting agent branch in August was 208. This remained the same as the record-high figure recorded in July, which beat the previous record of 192 properties managed per letting agent branch in July 2017.
The average tenancy length was at an all-time high for the month of August, with tenants staying in their properties for 21 months on average. Regionally, this figure was highest in the East Midlands with tenancies lasting 25 months and the lowest in the North East, with tenancies lasting an average of 10 months.
The number of tenants experiencing rent increases rose in August, with 48% of agents witnessing landlords increasing rent compared to 29% in June and 39% in July. Year-on-year, this is still 16% lower than in August 2019, when the figure stood at 64%.
Angela Davey, President, ARLA Propertymark, said: “Our latest figures reveal the rental market still isn’t showing any signs of slowing down. We continue to see record-breaking levels of rental stock and demand from tenants, painting a positive picture for the future of the private rented sector. With Covid-19 lockdown restrictions starting to increase again as we head towards the colder months, it’s more important than ever for landlords to communicate well with their tenants, and that tenants continue to pay their rent to ensure the market remains strong over the next period.”
