The number of new renters falls as more young people stay at home with their parents in the face of soaring costs and falling supply
- Research shows 4.6 per cent of properties went to first-time renters this year
- Tenants are feeling the pressure as landlords sell up ahead of no-fault evictions
The Hotel of Mum and Dad is still in high demand as the proportion of new tenancies going to first-time renters has fallen.
Research shows that only 4.6 per cent went to those entering the market for the first time so far this year. This compares with 6.1 per cent in 2015, said estate agent Hamptons.
Tenants are under pressure from rocketing rents and falling supply as thousands of landlords sell up ahead of new rules banning no-fault evictions.
Tenants are under pressure from rocketing rents and falling supply as thousands of landlords sell up ahead of new rules banning no-fault evictions
Aneisha Beveridge, of Hamptons, said: ‘Young adults are staying at home longer to save up, with some skipping the rental market entirely and going on to purchase a home instead.’
Across Britain, the average monthly rent for a newly-let property last month was £1,258, an increase of 9.1 per cent on 2022.