RICS says tenant demand continues to rise, evidenced by a net balance of 35 percent of respondents reporting a pick-up in November.
Concurrently, the flow of fresh supply becoming available on the rental market continues to dwindle, as a net balance of minus 27 percent of respondents highlighted a decline in landlord instructions this month.
Consequently, what RICS calls “the ongoing misalignment between rising demand and falling supply” continues to drive rents higher. A headline net balance of 43 percent of contributors anticipate rental prices moving higher over the coming three months, although this is somewhat moderate when compared to a recent high of 66 percent back in February this year.