Private Rented Sector Running Out of Capacity
74% of agents are reporting that demand is seriously outstripping supply. The number of agents who are reporting that their are more tenants than properties has hit a record level.
Recent surveys also show that that the period in which tenants are staying in there properties has increased to 19 months, as tenants give up trying to find a new property in such a competitive market.
The number of new tenancies signed up by agents has risen rapidly in a consistently upward trend since 2001. But this figure has remained consistent at 34 new tenants every month per branch throughout 2011 after record numbers of new renters entered the market in 2010.
Amy Wray from Applegate Lettings had this to say on the matter: "Our reserve lists are getting larger and larger, with more and more people competing for each property.
"We are also running out of appropriate properties to offer our prospective tenants. We receive phone calls everyday for people looking for properties to rent, but can't always offer them one."
Tim Hyatt, president of ARLA, said: “The UK cannot rely on the rental sector to support the housing market in perpetuity.
“The reality is that there is a finite amount of rental property, and unless both housing supply and mortgage availability improves, then renters will find that their options in the market are reduced.
So, if you've thought about offering a property for rent, but have been on the fence. Or if you're thinking it could be something you might do in the future, then don't delay any longer. Now is the perfect time for your property to be snapped up by some wonderful tenants.
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