According to the Association of Residential Letting Agents (ARLA), the private rental sector in the UK is running out of properties due to such high demand.
The self-regulating body states in its latest report that the private property rental sector is nearing capacity and that the number of new tenancies over the past year has been at a record high.
This corresponds with the fact that many Brits are struggling to get onto the housing market as fewer mortgage loans are being given and deposit requirements are high. Therefore, families all across the UK are turning to renting and as a result, the sector is running out of space to cater to demand.
ARLA claim that there are more tenants than properties as according to their latest survey, some 74% of respondents believe that demand is outstripping supply.
Findings from the study show that the demand in rental properties is high in London and the South East of England.
And furthermore, the length of tenants stay has increased to 19 months.
Tim Hyatt, ARLA President, said: “The Government is doing little to encourage landlords to invest in new properties therefore we are running out of quality stock to offer to tenants. This is reflected in rent increases and a lack of choice for consumers.”
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