Demand for rental housing in Yorkshire and The Humber highest in England and Wales
Demand for private rented housing in Yorkshire and The Humber is the highest in England and Wales according to a new survey for the National Residential Landlords Association (NRLA).
Two thirds (65 per cent) of private landlords in the region reported that demand for their properties by tenants increased in the second quarter of 2021. This compares with an average of 39 per cent of landlords across the country reporting an increase in demand.
The survey, conducted in partnership with research consultancy BVA/BDRC, shows that although 13 per cent of landlords in Yorkshire plan to increase the number of properties they rent out over the next year, 20 per cent plan to cut the number of homes they have. This supports figures from the Royal Institution of Chartered Surveyors which shows that the demand for private rented housing in the region is outstripping supply.
The strong demand for rental homes is one result of the COVID restrictions’ relaxation, a more buoyant economic outlook and a continued pattern of tenants leaving London as the trend towards home working continues. Just over half of landlords in central London (53 per cent) reported a fall in tenant demand with only 15 per cent of landlords saying it had increased.
Nationally, the survey found that landlords reported that the demand for private rented housing has reached a five-year high.
According to the Office for National Statistics private rents across Yorkshire and The Humber increased by 1.7 per cent in the 12 months to July this year, which was below the inflation figure of 2.1 per cent.
Ruth Millington, Yorkshire and The Humber Regional Representative for the National Residential Landlords Association said:
“Across Yorkshire and The Humber the supply of homes is not keeping up with fast rising demand. The only losers will be tenants as they struggle to find urgently needed rental homes. The government needs to change direction and, instead of introducing measures to deter investment in the private rented sector, it must put in place policies which encourage it.”
