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Record levels of tenants
Over 275,000 new tenants registered for private rental accommodation in 2011, a 24 per cent increase on 2010, according to Countrywide.
The findings follow an extensive survey of market trends taken among Countrywide’s network of
Nearly 80,000 new tenants registered with Countrywide agents during Q3 2011, with August generating the highest number of enquiries since Countrywide records began.
Overall, London saw the biggest spike in enquiries, with a 35 per cent increase in tenant applications recorded over the course of the year.
The Group’s quarterly research into the private rental sector also confirmed that the demand means that a growing number of rental properties are let before they are even advertised. Those that do make it to market took an average of 13.6 days to be let/occupied in 2011, a reduction of 1.2 days compared to 2010.
While cohabiting couples under the age of 35 continue to make up the largest proportion of new tenants
looking to rent (at 23.4 per cent in Q4 2011), a growing number of families are entering the private rental
market, an emerging trendwhich was found to be most evident in the North and South East of the UK.
Nick Dunning, Commercial Director at Countrywide said; “We are in the midst of a rental boom as renting has
become the new norm. Despite gradual improvements in property levels, it is not enough to satisfy the everincreasing levels of demand.
With a record number of tenants entering the private rental sector, there is a vast shortage of properties
available in all areas of UK, which could potentially fuel a steady rise in rent prices throughout 2012.”