Share this page
Print this page:
Add this page to:
Demand for rental property 'rises at fastest pace since 2008'
01/12/10
Edited by Bob Witham.Demand for residential property to rent increased at the fastest pace in two years during the three months to the end of October, according to the Royal Institution of Chartered Surveyors (RICS).
In its latest survey, the organisation found that a balance of 33 per cent of its members had reported a rise in the number of people looking for this type of accommodation.
At the same time, however, surveyors said that new landlord instructions dropped for the fifth consecutive quarter.
This imbalance between supply and demand means available properties are not on the market for long and very few home owners experience voids, RICS noted.
Rents are also being pushed higher, with a net 39 per cent of surveyors reporting an increase in the October quarter.
This is up from a balance of 27 per cent in the previous three months and is the highest reading recorded by the poll since April to June 2007.
"The lettings sector has become increasingly strong over the past nine months, in contrast to the housing market which continues to slow," said RICS spokesman Jeremy Leaf.
Recent research by Rightmove found that 41 per cent of tenants expect rents to climb over the coming year.
