Demand for Private Rental Sector Property Continues to Rise

13 February 2012 Categories: News

One of the largest letting agencies in the UK, Countrywide, recently published the results of their annual survey that quizzes their 300+ branches about private rental sector trends in their local area. It seems that 2011 was one of the busiest years since records began in 2004 for the Countrywide staff with a total of over 250,000 new tenant registrations throughout the year.

Quarter 3 of 2011 was by far the busiest period with nearly 80,000 new registrations in just 3 months. The high number of interested tenants means that the average amount of time that a property remains on the rental market is now just 13.6 days; a decrease of over a day from the figures released in 2010.

When asked about the new figures Nick Dunning, Countrywide’s commercial director said “We are in the midst of a rental boom as renting has become the new norm”.

He then went on to say that record numbers of tenants are now entering the private rental sector, and even though new and established landlords are helping to increase the number of available properties, demand still outstrips supply.

It is possible that the recent cuts in LHA payments may be responsible for a proportion of the influx of new registrations, with tenants already in the private rental sector now being unable to afford their current rental obligations.