New figures from the Association of Residential Lettings Agents (ARLA PROPERTYMARK) show that January saw the highest level of demand for rental properties ever, with there being on average 88 prospective tenants registered per lettings agency branch compared to December 2019 when the figure stood at 56.

This amounts to a 57% jump in the number of prospective tenants registered in only one month.

If we compare the same figures to January 2019, demand has still increased by over 20% from 73 per branch in January to 88 in January 2020.

It’s always nice to feel wanted, but the problem with this level of demand at the moment is that the supply of properties to let has not increased at the same rate. In fact, it’s decreased with the number of properties to let managed per branch falling from 206 in December 2019 to just 191 in January.

The president of ARLA PROPERTYMARK, David Cox, has described the figures as “a huge blow for tenants” adding that with demand increasing, but rental supply falling, rent costs are being pushed up.

David claims that the issue is being exacerbated by more landlords turning away from the private rental sector and instead turning to short-term lets which causes a problem for those tenants looking to rent somewhere long term.

David also said:

“With the Spring Budget around the corner, it’s important that the government works to make the private rented sector attractive to landlords again, rather than introducing complex legislation which ultimately squeezes the sector and leaves tenants worse off.”