ARLA (Association of Residential Letting Agents) have recently released their August 2016 Private Rented Sector Report and the overall outlook from their survey is that the demand for rental homes is still riding high.
David Cox, Managing Director of ARLA, said: “Although Brexit painted a temporary picture of uncertainty for tenants and landlords, our findings show that the market remains in good shape. We’re not seeing anything across supply or demand that is out of the ordinary, and while demand is at high levels, this is being matched with a decent volume of properties on the rental market."
Key Findings Of The ARLA Report
- Demand from prospective tenants rose in August
- Supply dipped marginally from July, which saw the highest level so far this year
- The average number of tenants negotiating rent reductions rose to 3% in August, the highest since records began
- Tenants stayed in rental properties for 19 months on average
- In August, properties were viewed on average five times before a let was agreed
- The average void period between tenancies was three weeks
Specific To Yorkshire & Humberside
- The average number of prospective tenants per ARLA registered branch in August was 43, compared to the national average of 37
- The average length of a tenancy in July was 25 months, compared to the national average of 19 months
Despite the widespread uncertainty both before and after the EU Referendum, ARLA member agents reported very little change to rent prices, demand and supply. In fact, the report found that nearly three quarters of agents (72%) saw no sign of a market wobble at all following Brexit.
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