Tenant demand outpacing supply

Propertymark’s latest research reveals that overall, tenant demand continues to outstrip supply, with around eight new applicants registered for each available property in July 2024.

ONS data points to rents increasing overall. In July 2024, average UK rents were 8.6% higher than in July 2023 and 0.6% higher than in June 2024.

The length of void periods is a good indicator of how dynamic the market is. The average void period decreased slightly in July 2024 but remains within long-run parameters.

Turnkey properties in fully serviced buildings continue to attract both domestic and international tenants. Many of the new developments that have been under construction for some years have now been completed and are entering the rental market, proving to be in high demand.