Tenancy Renewals Central Housing Group

Tenants Are Choosing Tenancy Renewals

With rents still rising and a new peak in the number of people looking to rent, Propertymark’s latest research shows more tenants are choosing tenancy renewals rather than moving.

Some 73 per cent of agents say they have seen an increase in the number of tenancy renewals over the past 12 months. With the recent lack of stock, it suggests many tenants are preferring to stay put rather than move.

An average of 127 new applicants were registered per member branch in July. This number has been on a slow upward trend since February.
Meanwhile Propertymark members reported having 11 properties on average per member branch that were available to rent in July – the same figure as last month.

No fewer than 82 per cent of member agents reported month-on-month rent prices increasing in July – a new record – and the trade body says pressure on rents has been steadfast since spring last year.

Propertymark chief executive Nathan Emerson says: “The private rental market continues to be battered by the perfect storm of high demand, low availability and affordability issues that shows no sign of easing.

“Governments across the UK are all engaged in a tenant-focussed reform of their private rental sectors.

“To boost supply, they also need to consider the heavy tax burden on property owners, the impact of more profitable and less regulated short-term lets, many of which stand empty for part of the year, and the lack of new homes being built to cope with the varied needs of a growing population.”

Blog Post from Letting Agent Today

See details of our Guaranteed Rent Scheme here

If you have any comments, please email the author of this article and click on the link above

Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors



Registered Office: Woodgate Studios, 2-8 Games Road, Cockfosters, Hertfordshire, EN4 9HN | Registered in England and Wales | Registered Company No. 3961047 | VAT Registration No. 752 6015 48

 

Social Media Auto Publish Powered By : XYZScripts.com