4 June 2014
The latest statistical report from ARLA (Association of Residential Letting Agents) suggests that rental demand has "seriously outstripped supply" and that overall rent levels rose in the last three months.
ARLA suggest that there is a continuing need for property investment in all levels of the private rented sector. All types of property have seen increased demand, including detached, semi-detached and terraced buildings - this is perhaps a contributing factor to the reduction in void periods to an average of 24 days. Letting agents across the country have reported rent levels rising by over 30%, and seven out of ten prime central London agents say that there are more tenants than properties. Chief Executive of ARLA, Adrian Turner said: "There is a shortage of all forms of housing in this country and these results show that the shortage of good quality property is also apparent in the rented sector." Tenants are continuing to stay in their rented homes for an average of well over a year, with London seeing the longest time scale at 17.7 months - the South East sees an average of 15.2 months and the rest of the country sees tenancy lengths of around 14.2 months. These figures have changed little in the past two years, suggesting some stability in the market.