'Just crazy': UK faces rental crisis, one home has average 25 tenants waiting in queue

According to data from Rightmove quoted by a media outlet, the number of tenants waiting to view rental properties in Britain has surged from an average of 20 to 25 in just five months. However, the area of concern is the rising imbalance between demand and supply.

BBC, while citing the data, said that in 2019, each rental property typically received around six inquiries via telephone or email. By spring, this number had risen to 20, and now, it stands at 25.

Real estate agents are reportedly describing the growing gap between tenant demand and available rental properties as extremely challenging saying the situation is "just crazy".

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Another issue that is staring the UK in the face is high rental prices. Outside of London, the average advertised rent for new rental properties has reached a record high of £1,278 ($1,550) per month. Rightmove data reported a 10 per cent increase in these prices from July to September compared to the same period last year.

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In London, average advertised rents for new lets have also risen significantly to £2,627 ($3,187) per month. This has marked a 12.1 per cent year-on-year increase.

Challenges in meeting demand

Ria Laitmer, lettings manager at Clarkes agents in Bournemouth said that the demand for rental properties far exceeds the available supply. Because of this, she reportedly said, many potential tenants are left disappointed as there simply aren't enough properties on the market to meet the high demand.

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"The gap between high demand and a severe shortage of rental stock at the moment is just crazy," she said adding, "We're receiving mounting enquiries for each property to rent from would-be tenants, with queues of tenants arriving to open-house viewings and the majority being left disappointed as there is just not enough properties on the market to meet the demand."

The rental market has witnessed increased demand due to the return of students after COVID-19, along with higher mortgage rates, making home ownership less accessible.

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