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08th November 2011

Private Rental Sector Shortage

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.”

Currently there is a demand for good rental properties, particularly two and three bedroom houses, in the Grantham area. We at Martin & Co Grantham understand that some landlords are wary about entering the rental sector. However, with our knowledge and expertise you can feel rest assured we will guide and help you with the Management Services we provide.

For more information on renting out your property talk to Chris or Margaret on 01476 561911 or call into our office in the Market Place. We can provide you with the up to date and expert information you will require.