The number of new prospective tenants continued to increase last month, reaching an all-time high, according to ARLA Propertymark’s latest PRS report.
The average letting agent branch registered 101 new tenants, which breaks July’s previous record of 97.
Demand from tenants by region in August
The number of rental properties available per letting agent branch in August remained unchanged, while the average tenancy length hit an all-time high for the month of August, with tenants staying in their properties for 21 months on average.
Regionally, this figure was highest in the East Midlands with tenancies lasting 25 months and the lowest in the North East, with tenancies lasting an average of 10 months.
The number of tenants experiencing rent increases rose in August, with almost half - 48% of agents witnessing landlords increasing rent compared to 29% in June and 39% in July. Year-on-year, this is still 16% lower than in August 2019, when the figure stood at 64%.
Average number of tenants experiencing rent hikes in June year-on-year
Angela Davey, President, ARLA Propertymark, said: “Our latest figures reveal the rental market still isn’t showing any signs of slowing down. We continue to see record breaking levels of rental stock and demand from tenants, painting a positive picture for the future of the private rented sector.
“With Covid-19 lockdown restrictions starting to increase again as we head towards the colder months, it’s more important than ever for landlords to communicate well with their tenants, and that tenants continue to pay their rent to ensure the market remains strong over the next period.”