Rental market at eight-year high
The average void period – a key indicator of the buoyancy of the rental market – has fallen to its lowest level for eight years as demand for rental property remains high.
Compared with the previous quarter as part of the Association of Residential Lettings Agent’s (ARLA) survey of members, the average void period has again fallen from 3.6 weeks to 3.2 weeks.
The average number of new tenancies signed up compared to the preceding survey has also increased in line with seasonal trends.
Ian Potter, operations manager of ARLA, says: “The rental market is incredibly strong at the moment for those working within the industry but for those consumers who are relying on the Private Rental Sector for housing, the cost of renting must be of concern.
“The new government must ensure that finance is made available to the sector, so that more properties can be brought into the PRS and ensure that more rental homes are made available.”