The number of new prospective tenants continued to rise in August, hitting the highest number on record with the average letting agent branch registered 101 new tenants, which breaks July’s previous record of 97 [Figure 1].

Figure 1: Demand from tenants by region in August.

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 nearly half (48 per cent) of agents witnessing landlords increasing rent compared to 29 per cent in June and 39 per cent in July. Year-on-year, this is still 16 per cent lower than in August 2019, when the figure stood at 64 per cent.

Figure 1:  Average number of tenants experiencing rent hikes year-on-year