UK Market Data Shows a Desperate Need for More Rental Property as Demand Surges
Published by Magnate Assets on
May 18, 2023
Propertymark said the number of new prospective tenants registering per member branch experienced a slight uptick in April, reaching 118. This figure represents an improvement from the low point of 64 recorded in December and reflects a 24 percent increase compared to April 2022.
However, the supply of available properties remains persistently low. In April, the number of properties available to rent per member branch remained stagnant at nine, identical to the stock level observed in April 2022.
Consequently, an average of 16 prospective tenants vied for each available property during the same period. This further highlights the growing mismatch between supply and demand, which has seen a substantial 35 percent increase since April 2022.
Regarding rent levels, approximately 50 percent of agents surveyed reported month-on-month rent increases at their branches in April. This represents a decline from the 75 percent reported in April 2022.
Nathan Emerson, the Chief Executive of Propertymark, emphasized the persistent imbalance between demand and supply: "While the demand for rental properties continues to surge, the availability of homes remains unchanged. This ongoing situation puts continuous pressure on rental prices. While the new legislation will undoubtedly have implications, we must address the pressing need for more rental homes."
As the rental market faces mounting pressures, Magnate Assets recognizes the significance of these dynamics and is dedicated to providing valuable solutions for investors and tenants alike.