Landlords have been overwhelmed by demand with 13 prospective tenants lining up for every rental property.
Propertymark have reported that the average number of people registering on letting agents’ books has increased by 88pc from 78 to a record high of 147 between February and September.
Around three-quarters of estate agents reported month-on-month rent prices increases in September, down from the high of 82pc in July, as tenant affordability is squeezed by record energy bills and a severe drop in real earnings.
Many landlords have sold up in recent years due to unfavourable tax changes. This has resulted in listings been low and enquiries been up.
There has been a lot of news about how rising mortgage rates affect home owners however renters are also negatively affected by the rising cost of mortgages too.