13:47 PM, 26th February 2020, About 2 years ago 9
ARLA’s latest PRS report, click here, shows tenant demand reaching a record high in January, with an average of 88 prospective tenants registered per member branch. Annual demand for rental accommodation has increased by 21%, rising from 73 in January 2019.
However, landlord supply fell to the lowest level seen in seven months with the number of properties managed per branch falling from 206 in December to 191 in January
David Cox, ARLA Propertymark Chief Executive, said: “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.”
The number of tenants experiencing rent increases rose in January, with 42% of letting agents witnessing landlords increasing them, compared to 32% in December last year.
Annually, this figure is up from 26% in January 2019, and 19% in January 2018.