ARLA: Tenant demand reaches record level

30 September 2020 | General

The number of prospective tenants rose to the hitting the highest number on record in August, ARLA Propertymark’s August Private Rented Sector report has found.

The average letting agent branch registered 101 new tenants, which breaks July’s previous record of 97.

Angela Davey, president of ARLA Propertymark, said: “Our latest figures reveal the rental market still isn’t showing any signs of slowing down.

“We continue to see record breaking levels of rental stock and demand from tenants, painting a positive picture for the future of the private rented sector.

“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.”

The number of rental properties available per letting agent branch in July and August was 208, the highest figure recorded.

The number of tenants experiencing rent increases rose in August, with nearly half (48%) of agents seeing landlords increasing rent, compared to 29% in June and 39% in July.

This post has originally been featured in Property Wire.