Demand remains high from potential tenants despite rising rents: Propertymark

Rents are rising across the UK, but the latest data from Propertymark shows demand remains high from potential tenants.

Propertymark’s latest report on the private rental sector found that an average of 95 new applicants were registered per member branch in April, an increase from the 78 per branch registered in February.

The number of homes for rent also remains low, after Propertymark members said they had an average of nine properties per member branch that were empty and freely available for rent in April.

The April figure has risen from February’s five-year low and is only slightly lower than the pre-pandemic April 10 average recorded between 2017 and 2019.

As rents continue to rise, 75% of Propertymark member agents reported a monthly increase in rent prices in April compared to the pre-pandemic figure of just 31% on average, based on 2015 data to 2020.

Meanwhile, the duration of terminated leases extended to an average of 24 months in the UK in April, compared to a long-term average of 19 months.

Propertymark Managing Director Nathan Emerson says: “The private rental sector is in desperate need of more properties to meet the overwhelming demand from tenants. The market is starving and as such is becoming very competitive for renters trying to find a home. »

“Letting agents reported tenants feeling so desperate that they even created resumes for their children and pets and offered more than the asking price if it meant they could secure a property.”

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