Tenant demand is sky high

Tenant demand is sky high

The highest figure ever recorded and one which beats the previous record of 101 which was set in August 2020, the average number of prospective tenants registered per branch in July 2021 was 102 compared to 88 in June.

Propertymark’s chief executive Nathan Emerson says: “It’s clear that as we are coming out of the pandemic, many renters that have been sitting tight are now looking to move, with the number of prospective tenants at an all-time high, and stock increasing in line with this.

“Buoyed by the certainty of the market at present, we are also seeing a significant number of landlords increasing rents.  We have a close eye on the overall sector for the rest of the year as the current strength of the sales market may be off-putting to private rental investors, and any potential impending taxation on property will be a consideration for all landlord types.

“But overall, it remains promising to see the rent continuing to flow.”

The number of tenants experiencing rent increases has also gone up from 60% in June to 71% in July.  This is another record breaker.  In July last year, rent increases stood at 39%.

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