According to ARLA’s latest report on the PRS, the number of tenants looking for rental accommodation is at record levels, with letting agents registering an average of 97 new tenants in the month of July, compared with 79 in June and 88 in January, before the pandemic hit.
The report also shows a fall in UK average void periods, down to three weeks – and found more tenants are choosing to stay in their rented homes for longer. While rents are, understandably, not rising as quickly as they were last year, more than a third of landlords reported making increases in July.
This data shows that the Private Rented Sector is in a healthy position, despite coronavirus. However, landlords in areas where demand is slightly lower versus supply do need to ensure that they are providing the best possible standard of accommodation and that it’s properly targeted at the right tenant demographic.
To gain a detailed insight into tenant demand in your area, contact your local branch and one of our team will be happy to help.