According to the latest PRS Report published by professional body Propertymark, the average number of properties available to rent in the market per branch has been slowly increasing for the last quarter, yet, despite this increase, over 80% of member branches have reported rental prices continuing to increase month-on-month.
As demand within the UK rental market remains strong, many branches across the country are reporting an increase in available properties to rent – with an average of just 11 properties available for each branch to rent last month. However, agents have also reported signing an average 11 new tenancies per month, meaning that this increase in supply is instantly being met with demand from the rental market and continuing to outstrip the supply in the industry.
“It is good to see a slight increase in stock levels this month, but with that being said, this barely scratches the surface on what is needed in order to limit the ever-widening gap between supply and demand.” Nathan Emerson, CEO of Propertymark.‘‘
The influx of demand and limited property supply has consistently been responsible for the increase in rental prices across the UK, and this is further supported by an average 93 new applicants registered to each property branch last month according to Propertymark – meaning that the average 11 available properties were rented to the average 11 applicants, and a staggering 82 applicants were left searching for accommodation with no properties available.
To learn more about the rising demand and rental prices in the UK rental market, get in touch with our expert property consultants today.