Private Rented Sector Report January 2023

Propertymark's monthly PRS review for landlords in Preston, Leyland, Chorley and Blackburn

January sees usual rise in demand

DEMAND – NEW TENANTS REGISTERED

This is the same as with demand from homebuyers, those looking to rent rose sharply in January compared to the December lows. 108 new applicants registered per Propertymark branch on average in January, compared to just 64 in December. 108 is only nine per cent lower than the figure in January 2022, suggesting demand remains strong in light of recent price increases.

SUPPLY – WHAT DOES STOCK LOOK LIKE

Steady stock levels remain

The number of properties available to rent per Propertymark branch remained steady at 10 in January.

However, the steady state of supply cannot match rising demand, with an average of 11 prospective tenants registering for every available property in January. The mismatch rose from seven in December.

RENTS

Majority of agents now seeing rents remain the same on average

52 per cent of Propertymark agents reported rents remaining the same month-on-month on average at their branch in January. This is the first time Propertymark have seen this since the depths of the pandemic in 2020 when many landlords held rents steady.

Nathan Emerson CEO of Propertymark comments

“The number of applicants looking for to rental property rose sharply in January, and although we have seen a slight increase in the number of properties available per member branch, it is nowhere near enough to keep in line with high demand.”

You can download the full Propertymark report, including the sales market, here January 2023 Housing Insight Report

Source: Propertymark