The Association of Residential Letting Agents (ARLA) says that factors may be combining to see an easing in the rental market.
According to ARLA’s latest research, in the fourth quarter of 2011 55% of ARLA members reported more tenants than properties available. The figure is sharply down on the previous quarter, when 74% of members noted that trend.
The number of consumers actually signing a new tenancy was consistent with Q3, with an average 34 new tenancies signed per ARLA member office during each quarter. The figure was lowest in Central London, where an average 26 tenancies were signed per branch during October – December, compared with an average 31 in Q3.
Over the same period, 39.2% of members reported an increase in tenants struggling to pay their rent up from 36.7% the previous quarter.
The data from the ARLA Members’ Survey of the Private Rented Sector, covering Q4 2011, was drawn from 533 member offices. Together with the ARLA Survey of Residential Investment Landlords, December 2011 – conducted among 1,390 landlords – the report forms the ARLA Review and Index.
Tim Hyatt, president of ARLA, said: “The apparent drop in demand for rental properties could be due to the traditionally quite pre-Christmas period. At the same time