ARLA: Tenant demand reaches highest number on record
The number of prospective tenants continued to rise in July, hitting the highest number on record, the ARLA Propertymark July Private Rented Sector (PRS) report has revealed.
The average letting agent branch registered 97 new tenants, compared to 79 on average in June. This breaks the previous record of 88 in January 2020.
Phil Keddie, president, ARLA Propertymark, said: “Our latest figures show the rental market still continues to gather momentum following the reopening of housing markets across the UK.
“We have seen a record-breaking level of rental stock, and demand from tenants continues to grow, providing a positive outlook for the future of the private rented sector.
“For the market to fully recover from the COVID-19 pandemic, it is vital that landlords have good communication with their tenants, and that they continue to keep paying their rents, especially in light of rule changes and announcements impacting notice periods and additional government financial support being offered to tenants and landlords.”
The number of rental properties available in July also rose, with an average of 208 properties managed per letting agent branch.
This is the highest number recorded in July.