Rental demand up 65% year-on-year says Your Move

Rental demand has risen by 65% year on year from August, says online estate agent Your Move.

The website has revealed continuous, strengthening growth in rental demand far beyond normal seasonal fluctuations in 2008.

Your Move says landlords have experienced the strongest demand from tenants in decades as property purchases slide in the face of the ongoing mortgage drought.

David Newnes, managing director of Your Move, says: “Mortgages are hard to come by and would-be buyers are flooding the rental sector.”

Your Move says lease commencements were up 12% from July 2008 as thousands of would-be house buyers scrapped plans to get on the property ladder.

The number of leases commencing in January to August 2008 has also risen, increasing by 45% on the same period in 2007.

Newnes adds: “We might expect the huge increases in demand for rental property to have driven up rents. But demand is being met by supply – sellers who won’t accept depressed prices put their homes up for rent instead.

“Tenants are benefiting from unprecedented choice as well as competitive rents.”