Private Rented Sector Report July 2022

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

The Big Stay Put

SUMMARY

A new peak in the number of people looking for a home to rent is fuelling a rise in renters choosing to renew their existing tenancies rather than moving, evidencing the Big Stay Put.

RISE IN TENANCIES BEING RENEWED

The Big Stay Put

73 per cent of Propertymark agents say they have seen an increase in the number of tenants renewing their tenancies over the past 12 months. With the recent lack of stock, it suggests many tenants are preferring to stay put rather than move.

NEW TENANTS REGISTERED

Demand continues to rise

An average of 127 new applicants were registered per Propertymark branch in July. This number has been on a slow upward trend since February.

WHAT DOES STOCK LOOK LIKE?

Supply of available homes holds steady

Propertymark members reported having 11 properties on average per member branch that were available to rent in July—the same figure as last month.

RENT INCREASES

Rents continue to rise

82 per cent of Propertymark agents reported month-on-month rent prices increasing in July—a new record. Pressure on rents has been steadfast since spring last year.

Nathan Emerson, Propertymark CEO comments

“The private rental market continues to be battered by the perfect storm of high demand, low availability and affordability issues that shows no sign of easing.

Governments across the UK are all engaged in a tenant-focussed reform of their private rental sectors. They also need to consider the heavy tax burden on property owners, the impact of more profitable and less regulated short-term lets, many of which stand empty for part of the year, and the lack of new homes being built to cope with the varied needs of a growing population.”

You can download the full Propertymark report here July 2022 PRS Report

Source: Propertymark