21 March 2005
A third of Association of Letting Agents (ARLA) members have reported that there are more tenants than rental properties, according to the latest survey of ARLA.
The study, the largest of its kind in the rental industry, shows that rent levels have increased over the past six months and are at the highest reported level in the past three years.
The number of tenants searching for property has gone up by 23 per cent since the last quarter of last year.
However, half of ARLA members have reported that there is still an oversupply of properties especially in central London. This is backed up by the fact that across the country four out of ten agents said they did believe that the supply of rental properties is exceeding its demand.
Only a third of the agents involved in the survey said the demand was being met with supply.
Average rents received ranged from £2,604 a month for a house and £1,663 for a flat in prime central London to £828 a month for a house and £583 for a flat outside London and the South East.
The survey was carried out across 500 letting agents and over 300 investment landlords.
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