News
Demand for Rental Accomodation reachs all time high
This month's PRS Report shows the number of new prospective tenants is at an all time high. Jumping to 97 from April's figure of 82, the average number of tenants per branch was the highest figure on record for the month of May. This was significantly higher than last year, with the average being 70.
With a slight increase in the number of properties managed per agent branch, rising from 201 in April to 203 in May, it was, however, a decrease from May 2020, when the figure stood at 208.
Regionally, the West Midlands had the highest number of people looking to rent, with an average of 132, and the Isle of White recorded the highest amount of properties managed per letting agent branch with a figure of 350.
The number of tenants experiencing rent increases rose slightly in May, as 68 per cent of agents saw landlords increasing rents.
Year-on-year this figure is almost five times (4.9 per cent) more than during May 2020, and the highest ever figure on record beating last month's previous record of 67 per cent.
The number of tenants successfully negotiating rent reductions fell from 1.3 per cent in April to 0.9 per cent in May. This is the lowest number recorded during the month of May since records began.
