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Demand for private rental housing at record a high
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
Demand for private rental housing is at an all-time high according to new research being published by the National Residential Landlords Association (NRLA).
A survey of private landlords across England and Wales, conducted in partnership with the research consultancy BVA/BDRC, found that 57% confirmed demand for private rental homes had increased in the third quarter of 2021. This is up from 39% in the second quarter of the year.
At the onset of the first COVID lockdown in the second quarter of 2020, just 14% of landlords reported an increase in tenant demand.
In a sign of recovery in the market, landlords operating in London have seen a significant uptick in demand compared to the levels reported throughout the pandemic as workers returned to the capital.
68% of landlords operating in outer London reported an increase in demand, up from 25% in the third quarter of 2020. In central London, 54% reported increased demand, up from 16% at the same time last year.
Elsewhere, landlords operating in the South West reported the strongest demand with 79% saying that demand had increased in the third quarter of the year. This was followed by 74% in the South East (excluding London), 73% in Wales and 71% in the West Midlands.
Despite the booming demand, the same proportion of landlords plan to reduce the number of properties they rent out as planned to increase them at 19%.
It comes as the Royal Institution of Chartered Surveyors has warned of rents increasing due to the “mismatch between supply and demand.”
Ben Beadle, Chief Executive of the NRLA, comments: “As demand picks up following lockdown measures, we need a stimulus to support responsible landlords to provide the homes to rent we vitally need. Without this, it will ultimately be tenants that suffer as a result of less choice, higher rents and the resulting difficulties they will encounter when looking to become homeowners.”
