Private Rented Sector Report: February 2020

Demand for rental properties highest on record for February

Key findings:

  • Overall, demand for rental accommodation fell, but hit a record high for the month of February
  • Number of properties managed per letting agent branch rose
  • The number of agents witnessing rent increases fell

Demand from tenants

  • The average number of new prospective tenants registered per branch fell in February, with 82 registered per branch compared to 88 in January.
  • This is a record high for February with a previous high of 65 recorded in February 2019.

Supply of rental stock

  • In February, the number of properties managed per letting agent branch stood at 201 an increase from 191 in January.
  • The number of properties under management was highest in Scotland with 289 managed per branch London falls significantly behind other regions with just 115 properties being managed
    per member branch

Rent prices

  • The number of tenants experiencing rent increases fell in February, with 41 per cent of agents witnessing landlords increasing rent compared to 42 per cent in January.
  • Year on year this figure is up from 20 in February 2018 and 34 in February 2019.