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Leasehold Reform Bill published

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More tenants than ever seek housing as rental stock dwindles

Tuesday 25 February 2020

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.

PRS report

Quote mark

This month’s results are a huge blow for tenants. With demand increasing by more than half, but rental supply falling, rent costs are unsurprisingly being pushed up. Our recent research found that tenants could miss out on nearly half a million properties as more landlords exit the traditional private rented sector and turn towards short-term lets which will only serve to worsen the problem for those seeking longer-term rental accommodation.

With the Spring Budget around the corner, it’s important that the Government works to make the private rented sector attractive to landlords again, rather than introducing complex legislation that ultimately squeezes the sector and leaves tenants worse off.

Phil Keddie

David Cox
ARLA Propertymark Chief Executive