• The number of tenants negotiating rent reductions fell to 1.1%
• The number of agents witnessing rent increases remained at 32%
• Demand from prospective tenants continued to fall with an average of 56 prospective tenants registered per branch
• The number of properties managed per letting agent branch increased marginally to 206
• The number of landlords exiting the market remained the same.
You can find out more on ARLA Private Rented Sector Report: https://www.arla.co.uk/media/1048590/prs-report-december-2019.pdf
The latest ARLA Private Rented Sector (PRS) report shows that tenants renting in the East Midlands tend to stay in their properties longer than in other regions of the country. On average they stay for 23 months against a national average of 19 months. Will Ravenhill, Director at Readings, commented:
“This doesn’t surprise me. We’ve been saying for a while now that our average tenancy length is around 2 years and these figures support that. As a Managing Agent, if you can facilitate matching good quality tenants with good quality housing stock, people will want to say. This creates stability for tenants and fewer void periods for landlords, so everyone wins! We’re one of the largest and longest established Letting Agents in Leicester so have plenty of experience in bringing landlords and tenants together.”
The report also highlights the fact that although tenant demand dropped towards the end of last year, rents are still strong.
If you’re a landlord or tenant, visit our website at www.readingspropertygroup.com.
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