The latest data from letting agents’ trade body Propertymark continues to paint a bleak picture about the market.

The body’s latest market snapshot – released this week but using data from May – shows the average number of new tenancies agreed per member branch sitting at 8.36.

Meanwhile the average number of properties available for rent at member branches decreased slightly to 12.09.

But the average number of tenant registrations per member branch jumped to 98.

The average. number of new property instructions (fully managed) decreased in May to 2.39 per member branch.

Chief executive Nathan Emerson says: “The long-standing imbalance between supply and demand remains firmly in place. 

“Although tenant demand increased during May, available stock fell slightly, leaving an average of eight applicants competing for every available property. 

“While rental arrears have eased marginally, ongoing legislative change and continued pressure on landlords risk limiting future investment in the private rented sector at a time when more homes are urgently needed.”

And Move iQ founder Phil Spencer, who works closely with Propertymark, sees it this way:  “With only around 12 properties available per letting branch and demand continuing to outstrip supply, securing a suitable home remains challenging. 

“While rent increases appear to be stabilising in many areas, the underlying shortage of rental homes means many tenants are still facing limited choice and strong competition whenever a property becomes available.”