According to Rightmove, the average rental property across Great Britain is receiving 25 enquiries from prospective tenants. This is 3 times more than the average of 8 they were receiving pre-pandemic 2019.
Last May, this number was at 20.
On the same report, Rightmove has reported that agents are talking about queues of tenants arriving for viewings moments after a property becomes available.
Tenants face a number of issues when it comes to securing a property. For this reason, they have to be more flexible with viewings and move-in dates as well as being ready to move fast with references.
This is all happening due to the widening gap between high demand and shortage of rental stock.
On another note, the average rent for new properties has hit another national record of £1,278 per month (outside London).
There are signs of ease to the demand and supply issue. The total number of available properties to rent has increased by 14% compared to 2022. In addition the number of new properties coming to the market is at 7% higher than last year according to Rightmove.
Only time will tell on when things will ease.
You can read the full report by Rightmove here.
Read more of our blogs here.