Demand for private rental housing is at an all-time high, with even London landlords reporting a significant uptick as workers return to the capital post pandemic.
Figures from the National Residential Landlords Association show that 57 per cent of private landlords in England and Wales said demand for home to rent had increased in the third quarter of 2021, the highest figure recorded by the NRLA.
This is up from 39 per cent reporting increased demand in the second quarter of the year. In comparison just 14 per cent said of landlords reported increased demand from tenants in the second quarter of 2020, as the start of the first Covid lockdown.
This more confident trends was also seen in London where 68 per cent of landlords in outer London reported demand having increased over this quarter— up from 25 per cent in the comparable period last year.
In central London, 54 per cent reported increased demand, up from 16 per cent in the third quarter of 2020.
Elsewhere, landlords operating in the South West reported the strongest demand with 79 per cent saying that demand had increased in the third quarter of the year. This was followed by 74 per cent in the South East (excluding London), 73 per cent in Wales and 71 per cent in the West Midlands.
However despite booming demand, the same proportion of landlords plan to reduce the number of properties they rent out as plan to increase them — at 19 per cent.
These findings come as the Royal Institution of Chartered Surveyors recently warned of rents increasing as a result of the “mismatch between supply and demand.”
NRLA chief executive Ben Beadle says: “As demand picks up following lockdown measures we need a stimulus to support responsible landlords to provide the homes to rent we vitally need. Without this it will ultimately be tenants that suffer as a result of less choice, higher rents and the resulting difficulties they will encounter when looking to become homeowners”.