Forget buying a house, finding a place to rent is getting harder and harder. New figures from Propertymark are showing just how tough it’s getting. The number of people desperate to find a place to rent is rising, but some landlords are running for the hills!

Propertymark’s latest report says its members are seeing a whopping 90 people registering to rent every month, that’s up from 82 in March. This means that for every available property, there are NINE people battling it out for a roof over their head!

Landlords are Saying “Enough is Enough”

The report highlights that many landlords are throwing in the towel and calling it quits. Why? Well, it’s a mix of things, but the main reason is uncertainty in the property market. Propertymark’s boss, Nathan Emerson, says “Landlords are choosing to exit the sector… legislative uncertainty is undoubtedly playing a role.”

This is bad news for renters. The demand for homes is through the roof, but the supply is dwindling. It’s a recipe for rent hikes!

Rents Are Going Up… But Not Everywhere!

While the report shows a huge increase in demand, it also says that rents are staying pretty stable in many areas. Around 47% of Propertymark’s members said rents haven’t moved a bit! But that doesn’t mean good news for everyone. 41% said rents are climbing higher, and in some areas, they’ve hit a ceiling.

There’s a Little Bit of Hope

It’s not all doom and gloom, though. The report does offer a glimmer of hope. The economy seems to be picking up, and inflation has fallen a little. This might mean things could get a little better for everyone.

But the warning remains: renters need to be quick off the mark. The situation is only going to get more competitive. And if you’re thinking about buying a home, get moving! The market is heating up, so if you want to be settled in before Christmas, you need to act now.