The number of new prospective tenants registered per Propertymark member branch decreased from 97 in January to 89 in February – this is much the same as in February a year ago.

Although the average number of new applicants registered per member branch decreased in February, a reduction in stock levels means that demand continues to outstrip supply. 

On average, there were around 10 new applicants registered per member branch for each available property in February 2024, the same as 12 months earlier.

The number of new tenancies agreed dropped in February after a brief rally in January. The trade body says one explanation is that tenants are currently unwilling or unable to move. 

Roughly equal numbers of members reported rents rising, falling, or staying the same in February 2024 as in the previous month. However, it is notable that 38% reported seeing rents rise. 

Rental arrears remain largely static in February 2024 with members reporting that just over 3% of fully managed and rent collect/rent management properties are in arrears.

The average void period reduced slightly in February 2024 but remains within long- run parameters. 

Propertymark chief executive Nathan Emerson says: “Tenant demand has marginally decreased. However, stock levels have also decreased and overall, demand continues to outpace supply, in fact, there were around 10 new applicants registered in February for each available property. 

“Rents continue to fluctuate by location and property type, although there are some signs of stabilisation. 

“As we progress into March and beyond, the re-establishment of seasonal trends should result in positive progress in both the sales and lettings sectors. “