A recent RICS residential survey has reported that rental properties are finding a tenant quicker than ever before, with it on average taking 21 days to find a new renter.
The RICS survey also goes on to report accelerating tenant demand. A net balance of +66% of survey participants reported a pick-up in August 2021, increasing from an already strong reading of +58%.
Further rental market analysis by Dataloft shows average monthly rents in the UK to be 11% above pre-pandemic levels, year to September 2021 vs year to September 2019.
For the coming twelve months, national rental growth projections have moved above 3% for the first time since 2016.
Source: Dataloft, Rightmove, Royal Institute of Chartered Surveyors