Private Rented Sector Report - July 2022

Modern room interior with table, chairs and pictures on the wall

More renters staying put as demand hits new peak

A new peak in the number of people looking for a home to rent is fuelling a rise in renters choosing to renew their existing tenancies rather than moving, evidencing the 'Big Stay Put'.

73 per cent of agents say they have seen an increase in the number of tenants renewing their tenancies over the past 12 months.

With the recent lack of stock, it suggests many tenants are preferring to stay put rather than move.

Demand continues to rise

An average of 127 new applicants were registered per member branch in July. This number has been on a slow upward trend since February.

Nathan Emmerson, PropertyMark CEO, said: 

"The private rental market continues to be battered by the perfect storm of high demand, low availability and affordability issues that shows no sign of easing. 

"Governments across the UK are all engaged in a tenant-focussed reform of their private rental sectors. They also need to consider the heavy tax burden on property owners, the impact of more profitable and less regulated short-term lets, many of which stand empty for part of the year, and the lack of new homes being built to cope with the varied needs of a growing population."

Read the full report.

 

Walton Robinson
Tags: