Letting agents enjoyed record-breaking levels of rental stock and demand from tenants this summer, latest industry figures show.
The number of new prospective tenants hit an all-time high in August, with each branch registering an average of 101, breaking July’s record of 97.
According to ARLA Propertymark’s latest figures, branches managed 208 properties on average in August – equal to July, which beat the previous record of 192 properties managed per branch in July 2017.
ARLA’s Private Rented Sector reportfound that tenants stayed in their properties for 21 months on average – another all-time high – with those in the East Midlands having the longest tenancies lasting 25 months, while North East tenancies were the shortest, lasting an average of 10 months. Demand for properties was highest from tenants in Yorkshire and the South West.
The number of tenants seeing rent rises was back up to pre-Covid levels in August, with nearly half of agents (48%) reporting that landlords had increased rent compared with 29% in June and 39% in July.
ARLA reports that year-on-year, this is still 16% lower than in August 2019, when the figure stood at 64%.
President Angela Davey says its figures show the rental market still isn’t showing any signs of slowing down. “This paints a positive picture for the future of the private rented sector,” says Davey.
“With Covid-19 lockdown restrictions starting to increase again as we head towards the colder months, it’s more important than ever for landlords to communicate well with their tenants, and that tenants continue to pay their rent to ensure the market remains strong over the next period.”