The rental market is experiencing a surge in demand, reaching an all-time high in the number of people searching for homes to rent. As a result, there is a noticeable trend of renters opting to renew their existing tenancies instead of moving, reflecting what is being called the 'Big Stay Put' phenomenon.
According to reports, 73% of agents have observed an increase in tenants choosing to renew their tenancies over the past 12 months.
This trend can be attributed to the recent scarcity of available rental properties, prompting many tenants to prefer staying in their current homes rather than navigating the challenges of finding new accommodation.
The demand for rental properties continues to rise steadily. In July, an average of 127 new applicants were registered per member branch, a figure that has been gradually increasing since February.
Nathan Emmerson, CEO of PropertyMark, acknowledged the challenges faced by the private rental market due to the "perfect storm" of high demand, limited availability, and affordability issues.
He emphasised the need for governments across the UK to prioritise tenant-focused reforms in the private rental sectors. Additionally, attention should be given to addressing the heavy tax burden on property owners, the impact of more profitable and less regulated short-term lets (which may stand empty for part of the year), and the lack of new housing construction to accommodate the diverse needs of a growing population.