The supply of rental accommodation is the lowest since records began a year ago, while demand for accommodation rose slightly in January 2015, reveals the Association of Residential Letting Agents (ARLA) January Private Rental Sector (PRS) report.
After a period of gentle decline, the number of properties registered per letting agent branch dropped by five per cent to 172 in January -10 fewer than in December.
Demand for accommodation
Demand for rental accommodation picked up in January following a seasonal lull in December, with an average of 31 prospective tenants now registered per branch. However, it has not returned to the high levels reported in January and February last year, when there were 38 and 40 tenants registered per branch respectively.
In line with growing demand, the number of agents reporting rent hikes for tenants increased in January, with three in ten (30%) reporting an increase in rent – the highest since September 2015.