Demand from prospective tenants at an all-time high 19 Feb 2020
Data from ARLA Propertymark (the Association of Residential Lettings Agents) shows that demand for rental properties increased to the highest level ever in January, with 88 prospective tenants registered per lettings agency branch compared to just 56 in December 2019. This amounts to a 57% increase in the number of prospective tenants registered!
Compared with the figures from January 2019, demand has increased by over 20% from 73 per branch in January to 88 in January 2020.
That’s great, but the problem with that increase is that the number of properties to let managed per branch decreased from 206 in December 2019 to just 191 in January. ARLA has warned that supply has not been this low since last January when the average figure was 184.
ARLA PROPERTYMARK president David Cox has described the figures as “a huge blow for tenants” ??
This month’s results are a huge blow for tenants. With demand increasing by more than half, but rental supply falling, rent costs are unsurprisingly being pushed up. Our recent research found that tenants could miss out on nearly half a million properties as more landlords exit the traditional private rented sector and turn towards short-term lets which will only serve to worsen the problem for those seeking longer-term rental accommodation.
With the Spring Budget around the corner, it’s important that the Government works to make the private rented sector attractive to landlords again, rather than introducing complex legislation that ultimately squeezes the sector and leaves tenants worse off.
At Wills & Smerdon, we currently have a number of properties to let, but we also have a list of prospective tenants searching for their new home in the local area. If you’re looking to let your property, please get in touch for a chat – we can find you excellent tenants who are looking in the local area.