The number of new prospective tenants is at its highest level ever according to data just released by ARLA Propertymark.
The association’s August Private Rented Sector report says the average letting agency branch registered 101 new tenants last month, breaking July’s previous record of 97.
The number of rental properties available per letting agent branch in August was 208 – the same as the record high figure recorded in July, which beat the previous record of 192 properties managed per letting agent branch in summer 2017.
The average tenancy length is also at an all-time high for the month of August with tenants staying in their properties for 21 months on average.
Regionally, this figure was highest in the East Midlands with tenancies lasting 25 months and the lowest in the North East, with tenancies lasting an average of 10 months.
The number of tenants experiencing rent increases rose in August, with 48 per cent of agents witnessing landlords increasing rent compared to 29 per cent in June and 39 per cent in July.
However year-on-year, this is still 16 per cent lower than in August 2019, when the figure stood at 64 per cent.
“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” explains ARLA Propertymark president Angela Davey.
This post has originally been featured in Letting Agent Today.