The latest data and analysis from ARLA Propertymark has revealed that demand for rental accommodation was at a record level for February.
The data was gathered prior to the coronavirus outbreak being declared a pandemic and shows that despite demand from new prospective tenants falling in February (82 registered per branch compared to 88 in January) it is still the highest level on record for the month with a previous high of 65 in February 2019. Year-on-year this is an increase of more than 25%.
The number of tenants experiencing rent increases fell in February, with 41% of agents witnessing landlords increasing rent, compared to 42% in January. Year-on-year this figure is up from 20% in February 2018 and 34% in February 2019
The number of properties managed per branch rose to 201 in February. This is an increase from January when the average number of properties managed per member branch stood at 191, a significant drop from 206 in December 2019.
The number of buy-to-let properties being taken off the rental market has risen for the first time since April 2019 to five per branch.