High rents not deterring prospective tenants

PRS REPORT: Rents are rising across the UK. Despite this, we continue to see high demand from prospective tenants. An average of 95 new applicants were registered per member branch, an increase from 78 per branch recorded in February.

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).

Rent rises continue

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

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.

Nathan Emerson CEO | Propertymark
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