ARLA announces demand for rental property reaches highest levels on record

Demand for rental property in the UK has reached unprecedented levels. According the latest figures from ARLA Propertymark, the UK’s leading professional body for letting agents, agents in Britain have witnessed a 57% increase in the number of prospective tenants registering with them since December 2019.

With an average of 88 potential tenants registering with agents in January, the demand for rental homes reached an all-time high in the first month of 2020.

ARLA’s data shows that year-on-year, the need for rental accommodation has risen by a fifth (21%), increasing from 73 prospective tenants registering with letting agents in January 2019 to 88 in January 2020.

The price of rent is also increasing in Britain. According to ARAL’s figures, in January this year, 42% of letting agents said landlords had increased their rent. This compared to 32% rising rental prices in December 2019.

ARLA’s figures follow earlier research that also confirms demand for homes to rent in Britain is increasing. Research by Paragon reveals on the back of a strong end to the market in 2019, almost four out of ten landlords believe that tenant demand for residential property will rise during the next 12 months.

At the end of 2019, 27% of landlords experienced an increase in tenant demand. Paragon’s study found that 37% of landlords expect tenant demand in rise in 2020, compared to just 7.3% expecting demand to drop.

With tenant demand increasing in Britain at a time when rental costs are also being inflated, now could be a good time to invest in buy-to-let property.

Auctions can be a great way to find a buy-to-let investment in the right location and at the right place. Check out the properties already listed in our next property auction in London.