Property

Demand for rental accommodation highest on record in April

Rozi Jones
|
27th May 2021
House hunting 1
"We continue to see unprecedented demand from tenants with a record breaking number of new prospective tenants registered per branch for the month of April"

NAEA Propertymark has reported a record breaking number of new prospective tenants registered per estate agency branch for the month of April.

Although the average number of new prospective tenants per branch fell slightly from 84 in March to 82 in April, this is still the highest figure on record for the month of April, with the previous April high being 72 prospective tenants registered per branch in 2018.

Regionally, Wales had the highest number of new tenants registered per branch with an average of 133. However, this number was lowest in Scotland where there was only an average of 26 new prospective tenants registered in April.

The number of tenants experiencing rent increases jumped in April as 67% of agents saw landlords increasing rents, compared to 60% in March. Year-on-year this figure has more than doubled since April 2019 when the figure stood at 33%.

The number of tenants successfully negotiating rent reductions fell from 1.7% in March to 1.3% in April. This is the lowest number recorded since January 2020 when the figure also stood at 1.3%.

Mark Hayward, chief policy advisor at Propertymark, said: “We continue to see unprecedented demand from tenants with a record breaking number of new prospective tenants registered per branch for the month of April, showcasing the booming rental market.

"We will be keeping a close eye on the sector in the coming months as the current strength of the sales market may be off putting to private rental investors, and talk of a potential impending taxation on property will be a concern for all types of landlords, but ultimately it is positive to see rent continuing to flow this month.”

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