Demand outstrips supply in local lettings market

The availability of rental property continues to decline, according to research published this month by the Association of Residential Lettings Agents (ARLA).

Peter Fuller
Lettings Director

Nationally, almost three quarters (70%) of ARLA member offices say that there are more tenants than available properties - an increase from 59% last quarter and 24% in September 2009. The shortage in the South East is particularly acute: 76% of members report more tenants than properties.

Peter Fuller, Managing Director of Romans Lettings, agrees that demand is not being met in the local lettings market. However, he says, this shortage works to the advantage of landlords. "Most of our Lettings branches have a long list of potential tenants looking for homes to rent," he says, "This means that we can find suitable tenants extremely quickly – in fact, we could let many of our properties several times over. Such is the demand that some properties have achieved higher rents than the market rate, because competing tenants have engaged in a bidding war. It's the inevitable result of demand outstripping supply.

I would urge anyone who is thinking of letting to get in touch with any Romans Lettings branch and ask us for a free rental valuation – believe me, we can let your property!"

Romans Lettings is also keen to speak to vendors who have not found buyers for their home.