According to the Association of Residential Letting Agents (ARLA) monthly Private Rented Sector Report, the number of rental properties available for tenants declined in May. Supply was found to have fallen 7% since April, with an average of 179 properties managed per ARLA branch (down from 193). This is the lowest level recorded this year.
The majority of agents in the UK (60%) manage less than 200 properties. Only in four out of twelve geographical areas does the average ARLA member manage more than 200 properties – Yorkshire and the Humberside is one of them.
Although overall available rental properties decreased, the average number of prospective tenants stayed the same as was recorded in the previous two months, with an average of 36 per branch.
The disparity between supply and demand was shown to be worst in the East of England, which has both the least available properties per branch, and the highest number of prospective tenants.
David Cox, managing director of ARLA, said: “We are in desperate need of more housing stock in this country, and supply and demand isn’t something that will level out overnight. It’s vital that the new government follows their promise of building more houses, so we can free up rental properties and head on the right path to turning the property market around once and for all.”