According to the figures, the average number of new prospective tenants registered per branch jumped in May to 97, from April’s figure of 82. Year-on-year this is the highest figure on record for the month of May, with the previous May high being 70 prospective tenants registered per branch last year.
Regionally, The West Midlands had the highest number of new tenants registered per branch with an average of 132. However, this number was lowest in Northern Ireland where there was only an average of 25 new prospective tenants registered in May.
The number of tenants experiencing rent increases rose slightly in May, as 68% of agents saw landlords increasing rents compared to 67% in April. Year-on-year this figure is almost five times (4.9%) more than during May last year, and the highest ever figure on record beating last month’s previous record of 67%.
Supply of rental stock
The number of properties managed per letting agent branch rose from 201 in April to 203 in May. Year-on-year this is slightly less than during May last year when the figure stood at 208. Regionally, The Isle of Wight had the highest number of properties managed per letting agent branch with a figure of 350. However, rental stock was the lowest in Northern Ireland with an average of just 25 properties managed per branch.
Rent Reductions
The number of tenants successfully negotiating rent reductions fell from 1.3% in April to 0.9% in May. This is the lowest number recorded during the month of May since records began.
Mark Hayward, Chief Policy Advisor, Propertymark, said: “Yet again we continue to see incredible demand from tenants with a record-breaking number of new prospective tenants registered per branch for the month of May, showcasing the continuation of a booming rental market. We will be keeping a close eye on the sector in the coming months as the current strength of the sales market may be off-putting to private rental investors, and any potential impending taxation on property will be a consideration for all landlord types, but overall, it remains fantastic to see rent continuing to flow this month.”
