The number of prospective tenants year-on-year has seen a “considerable increase” according to professional body, Propertymark, as the mismatch between supply and demand continues to increase.
Leading professional body, Propertymark, has reported a “considerable increase” in the number of prospective tenants year-on-year according to their latest surveyed estate and lettings agents, as the demand for rental property continues to outweigh supply in the UK property market.
With the number of new prospective tenants registered each month showing a “sizeable jump”, July 2023 reported an average of 187 prospective tenants registering per branch for the month, compared to just 127 the previous year – an increase of 47%, and a trend that is expected to show no signs of slowing down.
As the demand for rental properties in the UK continues to outmatch the supply of available properties, the number of prospective tenants per one rental property has now reached 13 over the month.
In addition to the surging demand for rental property in the UK, 70% of surveyed estate and letting agents reported rents increasing month-on-month on average throughout July as more tenants are entering bidding wars for apartments and are desperate to find accommodation in the frenetic market.
“We continue to see an alarming disparity in the number of homes available to rent when compared with growing demand from prospective tenants. The number of prospective new tenants is up by 38% in July compared to the same time last year, yet the number of properties available per member branch has risen by only 24% meaning this gap is continuing to widen from already worrying levels.” Nathan Emerson, CEO of Propertymark.‘‘
At Beech Holdings, we have seen first-hand the insatiable demand for rental property the UK is currently experiencing as more students enter university and more young professionals migrate out of the capital and into Manchester for career opportunities.
Our in-house lettings team, Manchester Apartments, has experienced their best-ever year, with our portfolio now 99% let for the year despite the portfolio increasing by an additional 155 apartments for the 2023/24 academic year.