Tenant demand stays high across the UK
The UK's rental market is performing strongly with tenant demand remaining high - despite challenges from the Covid-19 lockdown.
According to data from Arla Propertymark, they saw tenant demand staying high with the number of prospective tenants registering for each branch increasing to 82, on average.
In January, that figure was 81, which is the same as it was last year but in 2019, there were 65 prospective new tenants per branch being registered.
The region with the highest number of new tenants is the West Midlands with an average of 126 new registrants.
The second-highest figure recorded is for the East Midlands with 123 tenants.
The regions with the lowest number of new tenants registering are Northern Ireland and the Isle of Wight with just 26.
'Rental market shows no signs of slowing down'
Propertymark's chief policy adviser, Mark Hayward, said: "The rental market shows no signs of slowing down with demand for rental properties rising.
"And letting agents continue to support landlords and tenants through the ongoing Covid-19 difficulties."
He added: "It is essential to maintain tenancies whenever possible to ensure rent keeps flowing."
The managing director of Accommodation for Students, Simon Thompson, said: "It is good news that demand remains strong for quality rental properties and landlords will be reassured when investing in new properties.
"The Propertymark figures show that the rental market's underlying strength is clear, and we should look forward to a strong summer of activity."
The figures from Arla Propertymark have been underlined with news from Goodlord that average incomes for tenants are also rising in most regions.
This is leading to the average cost of rent rising in March - the first time, the firm says, there has been a uniform increase since last July.
Covid-19 and the changes that tenants want
Meanwhile, the property needs of tenants have appeared to change since the Covid-19 outbreak.
The findings come from Wayhome, a gradual homeownership provider, who say that once-popular choices such as having an easy commute to work and being close to restaurants and shops are now on the slide.
Instead, a need for space to create a home office is becoming increasingly important for 26% of respondents, plus many want more space for leisure and work purposes.
Also, 24% of people said they wanted a larger bedroom, and 36% said having access to a private garden is also more important.
The firm's chief executive, Nigel Purves, said: "With the end of lockdown now in sight, this would be an opportune time to reassess the needs of renters by the industry."
