The Association of Residential Letting Agents has revealed that the demand for rented accommodation has outstripped supply. They have also found that most tenants rent the properties for more than a year, particularly in central London, where tenants stay on average for 17.7 months.
Tenants stay for 15.2 months in the southeast and 14.2 months elsewhere in the country. The Association of Residential Letting Agents have commented that these results show a shortage of good quality housing in the all parts of the country and rented accommodation is not excluded from this.
Our view
Given house price increases and now interest rate rises, there is no surprise that demand for rental property is still on the up. This should gradually change as we see house prices start to fall.