The average number of new prospective tenants registered per branch rose in November to an average of 82, up from October’s figure of 71. This average includes the highest - East Midlands, with 134 per branch - and lowest in Wales, with just 26 per branch.
Rental stock was also the lowest in Wales with an average of 106 properties managed per branch.
The number of tenants experiencing rent increases fell for a third month in November, as 58% of agents saw landlords increasing rents compared to 68% in October. This is the lowest rate increase since February, where rent increases stood at 49%.
The number of tenants successfully negotiating rent reductions increased from 0.8% in October to 0.9% in November. This is the lowest number recorded in the month of November since records began.
Propertymark’s CEO Nathan Emerson comments:
“Our latest PRS survey has shown a rebound in tenant demand following two consecutive months of decline. Many landlords are aware of how difficult this year has been for tenants and as a result we are seeing rent increases fall for the second month in a row. The Private Rental Sector - which makes up a significant amount of the UK housing stock - is facing the reality that many landlords are increasingly considering an exit from the market. A key focus for the Government in the New Year needs to be how to incentivise more landlords to remain in the sector and attract new interest in the market.
“However, looking towards the sector’s immediate challenge as the pandemic rears its head once again, the unfortunate reality is that we may see an increase in the number of renters falling into arrears. It is therefore vital that vulnerable tenants are adequately supported during this time.”
