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Tenant Increase
New tenant numbers have risen 16% since the beginning of the year, reaching a record 50,480, according to Countrywide.
June had the sharpest rise in new tenants registering for rental accommodation, increasing by 18,000, up 22% on the month before.
This is the highest number of new tenants Countrywide has recorded in a single month since its records began in 2003.
However, the sharp rise in demand is in stark contrast to the number of new properties being offered, which fell 6% in the last three months.
There are no an average of 5.5 tenants for every property available compared to 4.9 tenants in the first three months of 2010. The greatest demand is for two-bedroom houses in the South West, with 8.9 tenants for each property and homes being snapped up within an average of two weeks, three days less than in Q1 and six days less than in Q4 2009.
John Hards, co-managing director for Countrywide Residential Lettings, says: “The number of tenants’ entering the market is at unprecedented levels and we have yet to enter the peak season. Student demand for private rental accommodation will increase further with university applications at record levels.
“The buy-to-let sector remains a good source of investment, however, the government need to do more to incentivise new landlords in order to appease the current shortage of properties. If tenant levels continue to rise at the same rate, this will be further exacerbated.”
This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. Tenants Hit Record Levels is brought to you by SimplifyEm Pay Rent Online and Property Management SoftwareYou might also want to read:
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