The Big Stay-Put - tenancy renewals soar

With rents still rising and a new peak in the number of people looking to rent, Propertymark's latest research shows more tenants are choosing to renew their existing tenancies rather than moving.

Some 73 per cent of agents say they have seen an increase in the number of tenants renewing their tenancies over the past 12 months. With the recent lack of stock, it suggests many tenants are preferring to stay put rather than move.

An average of 127 new applicants were registered per member branch in July. This number has been on a slow upward trend since February.

Meanwhile Propertymark members reported having 11 properties on average per member branch that were available to rent in July – the same figure as last month.

No fewer than 82 per cent of member agents reported month-on-month rent prices increasing in July – a new record - and the trade body says pressure on rents has been steadfast since spring last year.

Propertymark chief executive Nathan Emerson says: “The private rental market continues to be battered by the perfect storm of high demand, low availability and affordability issues that shows no sign of easing.

“Governments across the UK are all engaged in a tenant-focussed reform of their private rental sectors.

"To boost supply, they also need to consider the heavy tax burden on property owners, the impact of more profitable and less regulated short-term lets, many of which stand empty for part of the year, and the lack of new homes being built to cope with the varied needs of a growing population.”