Record demand for rental accommodation in April

Professional body for estate agents, Propertymark, has released new data that a record-breaking number of prospective tenants registered interest in April. Their Private Rented Sector Report shows no sign of demand slowing in the PRS.;
Tenants

Professional body for estate agents, Propertymark, has released new data that a record-breaking number of prospective tenants registered interest in April.

Their Private Rented Sector Report shows no sign of demand slowing in the PRS.

Registered interest

Prospective tenants that registered with estate agents branches, while lower than the 84 per branch in March, were the highest recorded for the month of April.

The previous record for prospective tenant’s registration in April was in 2018 with 72 per branch. From 2018.

Mark Hayward, chief policy advisor at Propertymark, said:

“We continue to see unprecedented demand from tenants with a record breaking number of new prospective tenants registered per branch for the month of April, showcasing the booming rental market.

"We will be keeping a close eye on the sector in the coming months as the current strength of the sales market may be off putting to private rental investors, and talk of a potential impending taxation on property will be a concern for all types of landlords, but ultimately it is positive to see rent continuing to flow this month.”

Regional variance

Regionally, Wales had the highest number of new tenants register per branch with an average or 133.

Scotland was at the lower end of the table with an average of only 26 prospective tenants registering last month.

In England, the East Midlands and Yorkshire were at the higher end of the table with an average of just under 120 new tenants registering.

Whilst the West Midlands and London were at the lower end of the leader board with 40 and 59 average tenants registering per branch.

This regional variance is similar to the picture we have been seeing across the beginning of the year.

PRS demand in London is increasing slowly, but yet to return to pre-pandemic levels.

Good news for landlords

Following a tough year of pandemic restrictions and rent arrears, landlord will be happy to hear that tenant interest has increased.

The property market continues to be buoyant, especially with the SDLT holiday, which offers a financial benefit to those investing.

This interest of course means lots of potential tenants to take up residence in landlords’ properties.

This information should not be interpreted as financial advice. Mortgage and loan rates are subject to change.