Private Rented Sector Report March 2023

Private Rented Sector Report

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

A brief look at what is happening.

DEMAND

Demand remains robust

The number of new prospective tenants registering per Propertymark branch held at 106 in March. This figure is up from the December low of 64.

SUPPLY – WHAT DOES STOCK LOOK LIKE

Stock stable

The number of properties available to rent per Propertymark branch remained stable at 10 in March.

This translated into an average of 10 prospective tenants registering per available property over the same period.

RENTS

Pressure on rents edges up once more

58 per cent of responding agents reported rents increasing month-on-month on average at their branch in March. Pressure on rents appears to be on the rise again as wage increases restore some relative affordability.

Nathan Emerson CEO of Propertymark comments

“In the lettings sector, the issue of undersupply remains with no movement seen in the number of properties available to rent. This translates to an average of 10 prospective tenants registering per available property.”

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

Source: Propertymark