There was a huge surge in numbers of new prospective tenants looking for homes in January.
Data gathered by ARLA Propertymark in their private rental sector report shows that the number of new prospective tenants rose by 27% in January. An average of 81 were registered per branch in January 2021 compared to 64 the month prior.
This is actually lower than the figures in January 2020. In January 2020, the figure stood at 88 new tenants registered per branch. However, 2021’s figure is higher than January 2019 when the figure stood at 73.
Yorkshire and Humberside had the highest number of new prospective tenants registered per branch standing at 138.
There have also been more rent increases. In January 2021 39% of agents saw landlords increase their rent prices, compared to 30% in December. But year on year January 2021’s numbers are down from the data gathered in January 2020 where 42% experienced rent increases.
Rent reductions also fell from 2.2% successfully negotiating a rent reduction in December 2020, to 2% in January 2021. January’s figure is however higher than January 2020 when only 1.3% of tenants rent was reduced.
Mark Hayward, chief policy advisor at Propertymark has argued that their figures clearly show that the rental market is showing no signs of slowing. Lettings agents are continuing to support both landlords and tenants during these troubled times. He also states that it is “imperative” to maintain tenancies. This is because they will be vital to the UK’s bounce back from the economic problems caused by the pandemic.