Rental Demand at an All Time High

Propertymark shares insights into the number of reported new prospective tenants as figures reach an all-time high.

Tenant Demands and Available Stock

From April’s figure of 82, the average number of tenants per branch reached the highest figure on record to an astonishing 97 tenants. This is significantly higher in comparison to last year, where the average was 70.

On the other hand, there was only a slight increase in properties managed per branch, rising from 201 in April to 203. This is a decrease from May 2020, where the figure stood at 208.

Rent Prices and Reductions

Tenants experiencing a rent increase has rose slightly, as 68% of agents saw landlords increasing rents.

The number of tenants successfully negotiating rent reductions fell from 1.3% in April to 0.9% in May. This is the lowest figure recorded during the month of May since records began.

Anthony Lomas, Partner at Boxall Brown & Jones said “once again we are continuing to see incredible demand from tenants with record-breaking numbers of new prospective tenants registered at various Propertymark registered branches. We have certainly noticed a rise in recent months, showing the continuation of a booming rental market. Overall, it feels fantastic to see rent continuing to flow this month.”

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