Rental property demand
The report shows a new all-time high for prospective tenants, at 97 registered per branch. This record rise in demand compares to 79 prospective tenants on average in June, passing the previous peak of 88 in January 2020.
Figure 1: Demand from tenants by region in July.
Positive indicators
Average tenancy length was at an all-time high in July, with tenants staying in their properties for 21 months. Regionally, this figure was highest in the South East with tenancies lasting 24 months.
It appears that agents, landlords, and tenants are moving quickly to make the most of this momentum in the sector, as the average time properties were empty between tenancies decreased to three weeks in July from four weeks in June. These figures show a far more positive private rented sector ecosystem than is generally accepted with demand high and tenants enjoying longer tenancies.
Our latest figures show the rental market still continues to gather momentum following the reopening of the housing market in May. We have seen a record-breaking level of rental stock, and demand from tenants continues to grow, providing a positive outlook for the future of the private rented sector.
For the market to fully recover from the COVID-19 pandemic, it is vital that landlords have good communication with their tenants, and that they continue to keep paying their rents, especially in light of rule changes and announcements impacting notice periods and additional government financial support being offered to tenants and landlords.
