Tenant Demand For Rental Properties Soars

The demand for rental properties from tenants seeking to secure a tenancy has reached an eight year high, according to research from the Association of Residential Lettings Agents (ARLA).

Tenant demand is far exceeding the supply of available properties at the moment with letting agents throughout the UK reporting shortages in available properties to let.

The levels of demand are the highest since the ARLA survey began nearly a decade ago and are more than double those experienced at the peak of the property boom in 2007.

Commenting on this unexpected strength in the rental markets, Ian Potter, Operations Director of ARLA, said:

“The market has bounced back in a way that no one could have predicted to levels of demand that have not been seen since the last century.

“More than 70 per cent of our agents have stated that consumers coming to their offices are being forced to rent because of the pressure exerted on potential home buyers. This is real evidence of a generation forced into renting and the Government must recognise the need for regulatory protection for them.”

These findings come at a time when the housing market is weakening as consumers fear the impact of the austerity measures planned by the coalition Government and the lingering threat of a double dip recession.