The average period for which a rental property is empty between lets is just 2.7 weeks per year, down from an average four weeks two years ago according to the latest data from ARLA

Achieved rents on residential property have risen in the last six months, according to 60% of ARLA member agents, and have outperformed other investment classes consistently for the past two years.

Ian Potter, Operations Manager at ARLA, said: “Three quarters of our members are reporting that demand for rental property is outstripping supply and, with rental returns currently at 5%, anyone thinking about investing a property to rent could be well-placed in the coming months.”

The research shows that prudent landlords are moving quickly to expand their portfolios, with almost a quarter (23%) reporting that they have bought properties in the last year. The most popular regions for investment are currently in the North West, Midlands and Central London. In contrast the Rest of London saw the fewest landlords buying property.

However the trade association for lettings agents is advising anyone considering investing in a rental property or portfolio, to seek advice from a professional, licensed lettings agent.

“The rental market is, rightly, coming under increasing scrutiny to ensure that consumers are not mistreated. Currently, anyone can become a letting agent. To protect your rights either as a landlord or tenant, it is critical therefore to check that there are measures – like Client Money Protection – in place with your chosen agent should things go wrong,” said Potter.