Renting: Shortfall of properties creates frenzied market, surveyors say

Mon 17 Apr 2023

Fierce competition among tenants chasing a limited number of homes to rent shows no sign of abating, surveyors say.

One agent said the rental market in his area was "frenzied" as tenants tried to secure the few available properties.

The Royal Institution of Chartered Surveyors (Rics) said a similar picture was being seen across the UK.

It is likely to push up rents further, averaging at a 4% annual increase, adding to pressure from rising prices.
The monthly Rics survey showed that the proportion of its members reporting growth in demand among tenants was at a five-month high in March.

At the same time, the rental sector was "constrained" by a lack of homes available to let.

This meant rents were getting more expensive.

Rather than pockets of competition in certain parts of the country, Simon Rubinsohn, chief economist at Rics, said the problem was striking in its consistency across the UK.