THE SUPPLY of residential accommodation available to rent is in sharp decline, according to a report released this morning.
The number of letting agents reporting that there are more tenants than properties has reached the highest level since records began, the Association of Residential Letting Agents (ARLA) has said.
Around three quarters of respondents to the ARLA’s survey say that demand is outstripping supply.
“The increase in demand is particularly acute in London and the south east and suggests that there is insufficient supply of property to meet tenant demand,” the report said.
The survey also showed that tenants are staying in their properties for longer, as they lose confidence in finding a new home to rent.