Just 49% of rental homes immediately available to tenants, highlighting need for more professional landlords

The latest research by Zero Deposit, the tenancy deposit alternative, has highlighted where the rental market is in dire need of more landlords, as less than half of available rental stock listed on the market today is immediately available to tenants.

Zero Deposit analysed almost 128,000 current rental market stock listings* looking at the market split between those that are immediately available to renters, versus those that won’t become available for at least a month or more.

The results show that across England, just 49% of current rental market listings are immediately available to tenants, allowing them to make their move straight away should they manage to secure a property.

A further 16% of current stock is available to tenants within a month, while 11% isn’t available for up to three months. What’s more, almost a quarter (24%) of current rental market listings aren’t available to let for as long as six months or more.

The West Midlands is home to the highest proportion of rental stock immediately available to tenants at 56%, with over half of stock also available straight away across the East of England (53%) and London (52%).

However, it’s the North East that most urgently needs more landlords and rental properties, with just 42% of current rental market stock immediately available in the current market, whilst 35% of current listings aren’t ready to move in for six months or more.

The South East also ranks as one of the worst regions for immediate rental market stock availability, with just 44% of stock available in the current market, while a quarter (25%) of properties aren’t ready to move into for at least six months.

Sam Reynolds, CEO of Zero Deposit commented:

“Rental market supply is arguably the biggest issue within the sector today and such is the demand for rental homes that many are being listed to let before they are even available.

This demonstrates the severe imbalance between supply and demand and really does highlight the need to encourage more landlords into the sector, and provide sufficient incentives for them to stay there, in order to provide the vital rental homes needed.

Unfortunately, the Government is yet to realise the error of its ways in deterring buy-to-let investors in recent years and until they do, we’re unlikely to see the landscape change for the better.”