"The market is starved and as such is becoming very competitive for tenants trying to secure a home."
Its members reported having nine properties on average per member branch that were empty and freely available to rent in April. This figure has increased significantly since February’s low of five, and is only slightly below the pre-pandemic average for April of ten (2017–2019).
An average of 95 new applicants were registered per member branch in April which has increased compared to 78 per branch recorded in February.
In addition, terminated lease lengths extended to 24 months on average across the UK in April, up from the long-term average of 19 months.
75% of member agents reported month-on-month rent prices increasing in April compared to the pre-pandemic figure of just 31% on average.
Nathan Emerson CEO at Propertymark, commented: "The private rented sector desperately needs more properties to meet the overwhelming demand from tenants. The market is starved and as such is becoming very competitive for tenants trying to secure a home.
"Letting agents reported tenants feeling so desperate they are even creating CVs for their children and pets as well as offering over the asking price if it means they can secure a property."
