Data from the Association of Residential Lettings Agents (ARLA PROPERTYMARK) shows that demand for rental properties increased to the highest level ever in January, with 88 prospective tenants registered per lettings agency branch compared to just 56 in December 2019. This amounts to a 57% increase in the number of prospective tenants registered!
Compared with the figures from January 2019, demand has increased by over 20% from 73 per branch in January to 88 in January 2020.
That's great, but the problem with that increase is that the number of properties to let managed per branch decreased from 206 in December 2019 to just 191 in January. ARLA has warned that supply has not been this low since last January when the average figure was 184.
ARLA PROPERTYMARK president David Cox has described the figures as “a huge blow for tenants” adding that with demand increasing, but rental supply falling, rent costs are being pushed up.
David claims that the issue is being exacerbated by more landlords turning away from the private rental sector and instead of turning to short-term lets which causes a problem for those tenants looking to rent somewhere long term.
David also said: “With the Spring Budget around the corner, it’s important that the government works to make the private rented sector attractive to landlords again, rather than introducing complex legislation which ultimately squeezes the sector and leaves tenants worse off.”
At Wills & Smerdon, we currently have a number of properties to let, but we also have a list of prospective tenants searching for their new home in the local area. If you're looking to let your property, please get in touch for a chat - we can find you excellent tenants who are looking in the local area.