Tenant demand peaks at new high as rents hit record levels

There are 13 tenants battling for each letting as rents continue to soar, especially in London, says Propertymark.

Tenants looking for somewhere to live has peaked with 147 new registrations per agency branch as the supply of rentals stays critically low.

Figures from Propertymark help to paint the picture of high demand and struggling supply, with no indication the situation is set to improve.

There are 13 prospective tenants per property, with only 11 available properties per agency office.

Three quarters (74%) of agents also reported rent increases, which showed a slight dip, but was still much higher than pre-Covid pandemic levels.


Nathan Emerson, CEO of Propertymark (pictured), says: “The rental market continues to be fuelled by high demand and low supply.

“The number of our agents reporting rent increases is down, but the UK-wide reform of this part of the market is continuing to affect the sentiment of landlords. Add into the mix rising costs that are impacting their annual yields, means we do not anticipate an end to affordability issues until we see many more homes introduced to the market.”

Highest on record

Similar statistics from Rightmove reveal average asking rents for new tenants outside of London have risen to a new record of £1,162 per month. This quarter’s increase of 3.2% is only the third time on record that rents have increased by 3% or more.

In London, average asking rents rise to a record of £2,343 pcm this quarter. This puts the annual rate of rent growth in the capital at 16.1%, the highest yearly rate of growth of any region on record.

Propertymark’s Housing Insight Report is available here, and the Rightmove Rental Trends Tracker is here

What's your opinion?

Back to top button