Demand from tenants continues to reach record levels

PRS REPORT: August shows a record-breaking month with the number of new prospective tenants continuing to rise, along with the average letting agent branch registering 101 new tenants, breaking July’s previous record.

Rental property demand

208 rental properties were available per letting agent branch in August. This remained the same as the record-high figure recorded in July, which beat the previous record of 192 properties managed per letting agent branch in July 2017.

Figure 1: Demand from tenants by region in August

Tenancy length

We recorded an all-time high for the average tenancy length for the month of August, with tenants staying in their properties for 21 months on average. This figure was highest in the East Midlands with tenancies lasting 25 months and the lowest in the North East, lasting an average of ten months.

Rent increases

Tenants experiencing rent increases were on the rise in August, with nearly half of agents witnessing landlords increasing rent compared to 29 per cent in June and 39 per cent in July. Year-on-year, this is still 16 per cent lower than in August 2019, when the figure stood at 64 per cent.

Rent hikes August

Figure 2: Average number of tenants experiencing rent hikes in June year-on-year

I am thrilled to join Propertymark at such a pivotal juncture. Housing is arguably the most important portfolio within the economic playbook and I look forward to bringing my experience of regulation, Government oversight, and educational strategy along with my experience inside a number of different membership bodies, to bear on the next stage of the business’s development.

I welcome the opportunity to work closely with members over the coming months to ensure that we continue to serve them and represent their interests, enforcing high standards, and playing our part in shaping housing policy.

Angla Davey President | ARLA Propertymark
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