Demand for Rental Accommodation Rises to Highest Records During April

Propertymark’s most recent Private Rented Sector Report highlights no sign of demand slowing down in the rental market, as record-breaking numbers for new prospective tenants are recorded for the month of April 2021.

New Tenants

While new prospective tenants registered per branch dropped slightly to 82 from March’s figure of 84, this is still the highest figure on record for the month of April, with 72 registered in April 2020.

According to statistics, Wales had the highest number of new tenants registered per branch with an average of 133. On the other hand, the lowest recorded number was in Scotland where there was only an average of 26.

Rent Prices

67% of agents said they saw landlords increasing rent compared to 60% in March. Year-on-year this figure has more than doubled since April 2019.

With that being said, tenants who successfully negotiated a rent reduction fell from 1.7% in March to 1.3%. This is the lowest recorded number since January 2020, where the figure was stood at 1.3%.

Supply of Rental Stock

According to Propertymark, agents saw managed properties per letting agent branch rise from 132 in March 2021 to 201 in April 2021 which year-on-year is marginally less than during April 2019 when the figure stood at 202.

Selling Up

The number of landlords selling their buy to let properties has remained the same for the seventh month in a row, at four per branch. Every year this figure has decreased by one over the last two years, where in April 2018 and 2019 it was five per branch.

Seeing the record breaking numbers of new prospective tenants registering to agents throughout the month of April, it highlights the current booming rental market. A close eye will need to be kept on the sector in the coming months, as the current strength of the sales market could be off putting to private rental investors. However, it is still positive to see rent continuing to flow throughout the month.

Are you looking into letting or renting a property? Here at Boxall Brown & Jones, we have a team of experts who will take the stress out of properties and help you with all your needs!

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