Tenant demand continued to rise at the start of the year

The number of prospective tenants registering with agents rose for the third consecutive month in March, as many homebuyers either chose to delay their purchase plans or decided to rent in between their next house sale and purchase.

According to the latest Private Rented Sector report, there were 84 tenants per branch in March compared to 82 in February, with the West Midlands recording the highest number of new tenants per branch, seeing an average of 157.*

At the same time, the number of properties managed per agent fell from 195 in February to 193 in March, with reduced rental stock making rental properties even more valuable. The West Midlands had the highest number of properties managed with a figure of 260.

Mark Hayward, chief Policy Advisor at Propertymark, said: “this report demonstrates that the rental market continues to show no sign of slowing down. “Agents have continued to support landlords and their tenants throughout the ongoing COVID-19 difficulties, and it is essential that tenancies are maintained wherever possible to ensure rent keeps flowing.”

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