ARLA Propertymark (Association of Residential Letting Agents) has issued its January Private Rented Sector (PRS) Report, stating that there were 34 prospective tenants registered per member branch in January, up by almost one-third from just 26 prospective tenants at each branch in December 2016.

A year ago, in January 2016, there were 31 tenants registered per branch, meaning in 12 months demand for rental accommodation has risen by 10%. Meanwhile, the number of rental properties letting agents managed also increased in January. In December there were 188 properties managed per branch, whereas in January there were almost 3% more with 193 per branch. In January 2016, there were 12% less, with 173 properties managed per branch.

Almost a quarter (23%) of agents saw tenants experiencing rent hikes in January. However, this is down year-on-year, as 30% of agents witnessed rent increases in January 2016.

David Cox, ARLA Propertymark chief executive, said: “As expected, the New Year brought with it a flurry of activity in the rental market. While supply of rental stock rose slightly, the number of prospective tenants increased by a much bigger margin. When supply and demand are out of kilter, as they have been for so long now, the market isn’t balanced and rent prices will just continue to rise.”