High rents not deterring prospective tenants – latest Propertymark Private Rented Sector Report released

The latest Propertymark Private Rented Sector Report has been released, and it shows that high rents not deterring prospective tenants.

Key points from report:

Summary

Rents are rising across the UK. Despite this, we continue to see high demand from prospective tenants.

What does stock look like?

Number of homes for rent remains low.

Our members reported having nine properties on average per member branch that were empty and freely available to rent in April. This figure has increased significantly since February’s low of five, and is only slightly below the pre-pandemic average for April of ten (2017–2019).

New tenants registered

Demand remains high.

An average of 95 new applicants were registered per member branch in April which has increased compared to 78 per branch recorded in February.

Average tenure

Tenants stay put for longer.

Terminated lease lengths extended to 24 months on average across the UK in April up from the long-term average of 19 months (based on 2015–2021 data).

Rent increases

Rent rises continue.

75 per cent of member agents reported month-on-month rent prices increasing in April compared to the prepandemic figure of just 31 per cent on average (based on 2015–2020 data).

Nathan Emerson, CEO, Propertymark, comments:

“The private rented sector desperately needs more properties to meet the overwhelming demand from tenants. The market is starved and as such is becoming very competitive for tenants trying to secure a home.

“Letting agents reported tenants feeling so desperate they are even creating CVs for their children and pets as well as offering over the asking price if it means they can secure a property.”

See the full April Private Rented Sector Report.

Kindly shared by Propertymark

Main article photo courtesy of Pixabay