Editor's note: This brief was summarised by The Property AI Team from a report by Mortgage Strategy. Read the original article for full details.
Strong Tenant Demand Reduces Rental Availability, Aldermore Reports
Aldermore’s latest Buy to Let Index reveals that strong tenant demand is putting pressure on the availability of rental properties. The report highlights that while many private renters are staying in their homes for longer, those seeking to move are facing a highly competitive market.
The average tenancy length has increased to 4.5 years, indicating greater stability for settled renters. However, nearly a quarter (23%) of renters moved home in the last year, and the search for a new property remains challenging.
Among renters who moved in the past year, 63% reported paying more rent than they initially intended, and 62% said they faced more competition from other prospective tenants than expected. Additionally, 60% found it difficult to secure a suitable property, and 55% experienced a longer search process than anticipated.
Limited availability has also forced some renters to make significant compromises. According to the report, 41% had to move to a different area due to a lack of affordable rental properties where they wanted to live, and 36% moved further away from work, family, or support networks.
The findings are relevant for UK letting agents and inventory clerks, as they reflect ongoing challenges in the private rental sector, including increased competition for available properties and shifting tenant expectations.
Source: Mortgage Strategy