More than 100 tenants a month are registering at every lettings agency branch – ten times the number of homes available to rent
- There were 106 prospective tenants registering at each agency branch in March
- An average of 10 tenants registered for every available rental property
- A total of 58% of lettings agents reported rents increased month-on-month
More than 100 tenants are registering on average at each lettings agency branch, ten times the number of available properties, new figures reveal.
Numbers registering per branch reached 106 in March, according to trade body Propertymark, up from only 64 prospective tenants registering in December.
However, the low at that time of year is a seasonal trend seen across the rental and sales markets as people prefer not to move around Christmas. March’s figure was higher than the 95 prospective tenants registering per lettings agency branch in the same month last year.
While the figures should be taken in the context of the scenario where prospective tenants will register with multiple lettings agents, they also reflect the high pressure on the rental market at the moment.
More than 100 tenants are registering on average at each lettings agency branch amid an undersupply of homes
Graphic shows the number of new applicants registered per lettings agents branch
The December figure is down from the levels of 140 and above, during the summer of last year.
Propertymark said there was an average of 10 homes to rent per lettings agent branch in March.
The level has remained within a range of between eight and 12 during most of the past year.
Propertymark went on to say that this translated into an average of 10 prospective tenants registering per available property in March.
Competition among tenants: An average of 10 tenants registered for every available rental property
Graphic shows the number of properties available to rent per lettings agents branch
Graphic shows the number of new prospective tenants registering per available property to rent
Meanwhile, a total of 58 per cent of lettings agents reported rents increasing month-on-month on average.
Propertymark suggested that ‘pressure on rents appears to be on the rise again’.
Nathan Emerson, of Propertymark, said: ‘The issue of undersupply remains in the rental market and translates to an average of 10 prospective tenants registering per available property, it’s this imbalance that has caused rent prices to rise.
‘The UK Government must urgently look to incentivise investment, including for build-to-rent, as the private rented sector could play a crucial part in solving the nation’s housing crisis. An increase in the supply of homes is the only long-term solution to unaffordability in the rental market.’
Graphic shows the member branches reporting month-on-month changes in rents
It comes as separate research suggested that tenants face an average price of £683 a month to rent just a room, with Londoners typically paying the most at £952 a month.
The figures from house share website SpareRoom found that room rents have risen 10 per cent or more in every region across Britain.
And the latest figures from the Office for National Statistics found that rental prices rose by 4.9 per cent in the 12 months to March 2023, up from 4.8 per cent in the 12 months to February 2023.
Annual private rental prices increased by 4.6 per cent in England, 4.4 per cent in Wales and 5.1 per cent in Scotland in the 12 months to March 2023.
Carl Howard, of Andrews estate agents, said: ‘Renters are needing deeper pockets and sharper elbows as rocketing demand continues to outweigh the availability of homes to let.
‘Another record rise in annual rental price growth reflects the frenzied market, which is showing no signs of letting up as the number of buy-to-let landlords dwindles.’