27
Nov
Demand for rental accommodation 'at five-year peak'
Demand for rental property is at its highest level for five years,
it has been claimed.
According to the Association of Residential Letting Agents (Arla)
demand is approaching the levels last seen in 2002 as a result of
changing attitudes to living arrangements and rising immigration
meaning there is less housing to go around.
The weakening of the housing market has also contributed to the
trend, Ian Potter, head of operations at Arla said.
"This peak demand should come as no surprise. Softening in the
sales market is always a driver of further demand in the rental
market," he said.
Increased demand was noted by Arla nationwide, with 37 per cent of
its members reporting a rental property shortage, with this figure
rising to 57 per cent in the South East.
Unsurprisingly the shortfall in supply is greatest in central
London, which has seen a 13-fold increase in demand for rental
accommodation in the last five years.
