Data from Rightmove, cited by a media outlet, reveals a notable increase in the number of prospective tenants waiting to view rental properties in the UK, surging from an average of 20 to 25 in just five months. However, the growing concern revolves around the widening gap between demand and supply.
The data, reported by BBC, indicates that in 2019, each rental property typically received around six inquiries via telephone or email. By spring, this figure had surged to 20, and it currently stands at 25.
Real estate agents are characterizing the increasing disparity between tenant demand and available rental properties as an exceptionally challenging situation, describing it as “just crazy.”
Another pressing issue in the UK is the soaring rental prices. Outside of London, the average advertised rent for new rental properties has reached a record high of £1,278 ($1,550) per month. Rightmove data reports a 10 percent increase in these prices from July to September compared to the same period last year.
In London, average advertised rents for new rentals have also seen significant increases, now standing at £2,627 ($3,187) per month, marking a 12.1 percent year-on-year rise.
Meeting the demand is challenging. Ria Laitmer, lettings manager at Clarkes agents in Bournemouth, noted that the demand for rental properties far surpasses the available supply. Consequently, many potential tenants are left disappointed, as there simply aren’t enough properties on the market to meet the high demand.
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