Editor's note: This brief was summarised by The Property AI Newsroom from a report by Property Industry Eye. Read the original article for full details.

Eight Renters Competing for Every Available Property, Says Propertymark

Letting agents’ trade body Propertymark reports that eight renters are now competing for every available property, according to its latest market snapshot using May data. The figures highlight a continued imbalance between supply and demand in the UK rental market.

Propertymark’s data shows the average number of new tenancies agreed per member branch was 8.36 in May. The average number of properties available for rent at member branches decreased slightly to 12.09. At the same time, tenant registrations per branch jumped to an average of 98, while new fully managed property instructions dropped to 2.39 per branch.

Nathan Emerson, chief executive of Propertymark, stated that the imbalance between supply and demand remains, with tenant demand increasing and available stock falling slightly. This has resulted in an average of eight applicants competing for every available property.

The report also notes that while rental arrears have eased marginally, ongoing legislative changes and continued pressure on landlords could limit future investment in the private rented sector.

Phil Spencer, founder of Move iQ and a close collaborator with Propertymark, commented that with only around 12 properties available per letting branch and demand outstripping supply, securing a suitable home remains challenging. He also noted that while rent increases appear to be stabilising in many areas, the shortage of rental homes means tenants still face limited choice and strong competition.

For letting agents and inventory clerks, these figures underline the ongoing challenges in the rental market, with high tenant demand and limited stock likely to impact day-to-day operations and client expectations.