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Private rented sector running out of room

Monday, 17 October 2011 11:58 AM

The private rented sector may be running out of room to cope with new tenants, according to a survey by the Association of Residential Letting Agents (ARLA).

In its third quarter survey, the number of agents saying there are more tenants than properties reached the highest ever level.

In total, 74 per cent of agents said demand is outstripping supply, the fourth quarter in a row that this has been the case.

The increase in tenant demand was especially marked in London and the South East.

ARLA says record numbers of new renters entered the market in 2010 but the number of new tenants signed up by agents has remained consistently at 34 per branch per month this year.

Meanwhile agents say tenants are staying in their properties for a record high of 19 months because they are wary of finding a new home in the current market.

Tim Hyatt, president of ARLA, said: "The UK cannot rely on the rental sector to support the housing market in perpetuity. The reality is that there is a finite amount of rental property and unless both housing supply and mortgage availability improves then renters will find that their options in the market are reduced."

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