Private rental sector shortage

The private rented sector is running out of capacity, according to ARLA.

Many agents are reporting more tenants than properties; this has hit a record high with 74% saying that demand is outstripping supply. The increase in demand is particularly acute in London and the south-east.

The survey conducted by ARLA, comprising of 572 lettings offices operated by members expressed tenants are also staying in their properties a lot longer than before. This trend has increased to 19 months; tenants are reluctant to give up their current property in such a competitive market.

The amount of new tenancies has consistently risen since 2001, promoting the transition from the sales market into the rental sector. The amount of new tenants has remained consistent throughout 2011 with 34 new tenants every month per branch.
 
Tim Hyatt, president of ARLA, said: “The UK cannot rely on the rental sector to support the housing market in perpetuity. “The reality is that there is a finite amount of rental property, and unless both housing supply and mortgage availability improves, then renters will find that their options in the market are reduced.”

 With the increased demand of rental stock, landlords wary about entering the market can rest assured in knowing that the rental sector is more and more buoyant than ever.

For more information on renting out your property talk to

Martin & Co Chelmsford. We can provide you with the up to date and expert information you will require.

Martin & Co has always concentrated fully on lettings & management and providing a professional first class service to landlords and tenants, that’s why since the first office opened 20 years ago, we still only let and manage residential property.

We let and manage a wide range of properties throughout the areas of the Chelmsford Town Centre, Moulsham, Springfield, Broomfield, Boreham, Newland Spring, Chelmer Village, Chancellor Park, Beaulieu Park, Great Baddow, Galleywood, and Writtle. Whether you have a studio flat or luxury country estate our service goes above and beyond what our competitors provide. We’re fully focussed on letting, managing your property and providing top class advice to you.

If you would like to find out more about our service please click here or call us on 01245 330500

 

Contact Martin & Co, we know what we’re talking about! 





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