Private Rented Sector Report May 2022

Private Rented Sector Report

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

High demand continues to push up rents

SUMMARY

The great rent rise continues. While we have seen an increase in availability of properties to rent since February, demand from prospective tenants has also risen.

WHAT DOES STOCK LOOK LIKE?

Supply of available homes steady

Our members reported having ten properties on average per member branch that were available to rent in May. This is very similar to April’s figure, suggesting that little has changed in terms of new stock levels since last month.

NEW TENANTS REGISTERED

Demand remains high

An average of 113 new applicants were registered per member branch in May. This is up since February when 78 new applicants were registered on average. This slow and steady rise appears to mirror the increase in available lets. As rises in demand match increases in available homes, pressure on rents is set to continue.

AVERAGE VOID

Empty properties much rarer than usual

Agents reported in May that the average void period between tenancies is below two weeks. This is over one week less than the long-run average for May which is a little over three (2015–2019).

RENT INCREASES

High pressure on rents continues

79 per cent of member agents reported month-on-month rent prices increasing in May. Pressure on rents has been steadfast since spring last year.

Nathan Emerson, CEO Propertymark comments

“Pressures on the sector are not easing, especially in England given that the recent Renters’ Reform White Paper has now been published. What’s important, is that landlords understand that this paper is a set of proposals and that there is still a process of debate and discussion before any legislation is brought in.

The UK Government have also committed to ensuring landlords have access to their properties via a revised Section 8 notice. Given the ever-widening gap between supply of homes and demand, it is crucial that Government’s across all nations prioritise reforms that incentivise new and existing investment in the sector.”

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

Source: Propertymark