PropTrack data shows that the average rental listing in June received 4.6% fewer enquiries than the year before, suggesting that more rental properties have come onto the market. Yet stock levels remain “critically low”. So why this apparent contradiction?
Senior data analyst Karen Dellow said it’s because some renters have responded to the challenging rental market by purchasing a property or moving to shared accommodation. As a result, fewer people are now competing for the limited pool of rental properties.
“Although the pace of growth in the median weekly rent has slowed and the rental vacancy rate has slightly increased, the moderate decline in enquiries per listing might persist as renters opt to buy or share housing due to high rental costs. Nonetheless, rental enquiries are likely to remain high due to ongoing excess demand and limited supply,” she said.
#property #realestate #homeloans