Rental market grows 24 per cent; August most competitive month
Private rentals experienced a 24 per cent rise in demand last year, according to new figures released by the Countrywide lettings agency.
Couples under the age of 35 make up almost one quarter of this market, many with interests in London-based property which saw the highest rise in interest at 35 per cent.
When looking at the numbers the growth is clear with more than 275,000 new tenants registering interest in the private rental market last year alone.
Families looking for private rentals were identified as the most surprising increase in the market primarily in the North and South East of the UK.
August was marked as the most competitive time to enter the rental market as a tenant with Countrywide reporting its highest number of enquiries since its records began.
“We are in the midst of a rental boom as renting has become the new norm,” Nick Dunning, Commercial Director at Countrywide said.
“Despite gradual improvements in property levels, it is not enough to satisfy the ever-increasing levels of demand.”
The research showed tenants moving into their new properties in a quicker time frame compared to the year prior.
In 2010 the average time between listing a property and securing a tenant was 14.8 days but this reduced to 13.6 days in 2011.
Countrywide reported a number of properties were let before they were even advertised.
