Booming Rental Market Continues

Demand for rental properties continues to grow. According to the latest industry leading Propertymark report, the average number of tenants per branch was the highest of all time in May increasing from 82 in April to 97 last month. The average number in the last 12 months was 70.

Other Key Facts:

The number of tenants experiencing rent increases rose slightly in May, as 68 per cent of agents saw landlords increasing rents.

Year-on-year this figure is almost five times (4.9 per cent) more than during May 2020, and the highest ever figure on record beating last month’s previous record of 67 per cent.

The number of landlords selling their buy-to-let properties rose slightly for the first time in eight months during May, at five per branch. Prior to this the figure had stood at four per branch for seven months since October 2020.

In May, tenants stayed in their rental properties for 21 months on average, a slight increase from 19 months in April. This figure is also slightly higher than during May 2020 when the length of tenancy also stood at 19 months.

In May, tenants viewed a property an average of five times before it was let. This remains the same as April’s figure and has remained the same since June 2020.

Landlords, for the latest property industry updates and more information about our professional property management services please phone 01633 401070 or email smooth@smoothmoveagents.co.uk