The number of new tenants searching for rental properties grew by 15 per cent year-on-year in the second quarter of 2023, new data has shown.
According to research by property service group Countrywide, marginal increases in the number of new properties coming to the market are failing to meet demand, which continues to outstrip supply.
An average of five tenants now compete for each available rental property, Countrywide said, with high demand driving tenants to snap up properties in a record average of 13.3 days.
John Hards, co-managing director of Countrywide Residential Lettings, said: “The latest findings provide an interesting insight into the recent changes across the lettings landscape, where both demand and supply have been affected by a subdued sales market.
“However, positively, we’ve seen the percentage of reluctant landlords continue downwards, with a five per cent fall in the number of landlords renting out their properties to cover their mortgage since the fourth quarter 2023.”
Hards said feedback from branches showed that many unsuccessful sellers have chosen to ‘let-to-move’, tempted by the prospect of a quicker return on investment by letting out their property.
“Interestingly, some sellers may also be looking to ‘rent-to-move’ whilst they wait for both a realistic offer on their unsuitable property and their ideal home to come along at the right price,” he added.
Want to be the first to know when we break a story? Follow @AboutUs on Twitter and subscribe to our free weekly newsletter.
