Tenant demand up and supply falls

The number of tenants seeking properties surged by more than a quarter (27%) in January, ARLA Propertymark’s January Private Rented Sector Report has found.

There were 81 tenants registered per branch in January, with Yorkshire & the Humberside having the highest amount, at 138.

Supply fell slightly in January, as there were 196 properties managed per branch, down from 204 in December.

Mark Hayward, chief policy advisor, Propertymark, said: “Our latest figures clearly show that the rental market isn’t indicating any signs of slowing down as demand for rental properties surged last month.

“Letting agents are continuing to support landlords and their tenants during these ongoing difficult times, and it is imperative that tenancies are maintained to keep the rent flowing.

“Now have a route out of the current lockdown, it is vital that continuity in the private rental sector is maintained to continue to help the nation’s economic recovery from the pandemic.

“To do this, the government must consider introducing a financial support package for those tenants who have built up rent arrears due to the financial impact of Covid-19.”

The number of tenants experiencing rent increases rose in January, as two in five (39%) agents saw landlords increasing rent compared to 30% in December.

However, year-on-year this is down from 42% in January 2020.