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Data shows desperate need for more rental properties

Data shows desperate need for more rental properties

Thursday 25th May 2023

Propertymark says the number of new prospective tenants registering per member branch rose slightly to 118 in April

This figure is up from the December low of just 64 and is also 24 per cent higher than April 2022.

Stock remains stubbornly low, however. The number of properties available to rent per member branch remained at nine in April. This is the same level of stock as April 2022.

This translated into an average of 16 prospective tenants registering per available property over the same period. Similar to the rise in demand, the mismatch between supply and demand has risen 35 per cent since April 2022.

In terms of rent levels, some 50 per cent of responding agents reported rents increasing month-on-month on average at their branch in April. This is down from 75 per cent in April 2022.

Propertymark chief executive Nathan Emerson says: "We are still seeing the demand for property grow but no increase in homes. This means that pressure on rent prices is remaining, whilst new legislation will undoubtedly have a knock on effect, we desperately need more homes for renters."