There is more demand for urban pad rentals than ever before, and couples under 35 are leading the charge. The latest figures from Countrywide show increased competition - an annual increase of 8.2% - and faster lets than ever before.
John Hards, Co-managing Director at Countrywide Residential Lettings, said: "Tenants now understand that properties aren't staying on the market for long, and many are setting up email alerts and SMS alerts with our branches to know instantly when a suitable property becomes available so they can arrange viewings. Our findings show that couples under 35 years old remain the largest proportion of tenants, so the demand for one and two bedroom properties remains very high, with most available properties snapped up extremely quickly."
Tenant demand for each property increased by 10.8% compared to Q3 last year, a significant rise of 11.9% from Q2 2011.
This marks an annual increase of 8.2%, with properties also being let quicker than ever before. Properties were let on average half a day quicker than the previous quarter, snapped up within a record speed of 12.7 days. In the same period last year, average properties were let within 13.5 days of being launched to market.