According to leading membership body Propertymark’s latest PRS report, the UK property market is continuing to see incredibly high demand from prospective tenants in the market despite rents rising across the country, with an average 95 new applicants registered per branch in May – up by 22% on the previous month.
Whilst the number of properties available to rent remains low and the cost of renting is rising, demand across the rental market is continuing to outstrip supply according to Propertymark’s latest PRS report, with a reported 10 new registered applicants for every one property available to rent. With such a competitive market, over 75% of agents have reported a significant increase in rental prices (rental yield), compared to just 31% of agents prior to the pandemic, and demand shows no signs of slowing down – with the number of new applicants registering per agent branch in May up by 22% on the previous month and the number of properties available to rent per branch standing at just 9 properties.
“The private rented sector desperately needs more properties to meet the overwhelming demand from tenants. The market is starved and as such is becoming very competitive for tenants trying to secure a home.” Nathan Emerson, CEO of Propertymark.‘‘
The latest PRS report also states that tenancy lengths have extended to an average 24 months throughout the UK rental market, increasing by 5 months on average according to data from the previous six years (2015 – 2021), as more tenants are looking for longer term rented accommodation in the Private Rented Sector that is more in-line with their flexible and sociable lifestyle and allows the freedom to move about and enjoy amenities without tying themselves down to purchasing a home. As the emergence of ‘lifestyle renters’ continues to deplete the available stock within the rental market, the demand for such properties and the lack of available supply will cause rental prices to continue to rise across the country – especially within amenity-led developments.
To learn more about the current rental market trends in the UK, or to speak to one of our expert consultants to see what we currently have available, get in touch today.