Steady stock increase not enough to dampen rent inflation – latest Propertymark Private Rented Sector Report released
The latest Propertymark Private Rented Sector Report for June 2022 has been released, showing steady stock increase not enough to dampen rent inflation.
Key points from report:
- 11 properties available to rent on average per member branch
- 93 new prospective tenants registering on average per member branch in June
- 80% of agents report rising rents in June
Summary:
The average number of properties available for rent per member branch has been gradually rising over the past few months, but the vast majority (80 per cent) of responding agents reported rents continuing to increase month-on-month in June.
Status of stock:
Our members reported having 11 properties on average per member branch that were available to rent in June. There has been a steady increase in available properties since February’s low, however, agents reported to signing up 11 new tenancies on average per member branch.
New tenants registered:
An average of 93 new applicants were registered per member branch in June. This number has remained fairly steady over the past four months.
Rent increases:
80 per cent of member agents reported month-on-month rent prices increasing in June. Pressure on rents has been steadfast since spring last year.
Nathan Emerson, CEO, Propertymark, comments:
“It is good to see a slight increase in stock levels this month, but with that being said, this barely scratches the surface on what is needed in order to limit the ever-widening gap between supply and demand.
“There is a decreasing number of incentives for landlords to remain within the sector, especially with the many incoming regulatory pressures on the horizon. We need reassurance from all Governments that they will address this increasingly pressing issue and in turn, ease the pressure within the private rented sector.”
See the full June Private Rented Sector Report.
Kindly shared by Propertymark
Main article photo courtesy of Pixabay
