Landlords Report Increased Tenant Demand in Q4 2023, Paragon Bank Data Reveals

According to recent data released by Paragon Bank, 63% of landlords experienced a surge in tenant demand during the final quarter of 2023. The research indicates that six in ten landlords recorded heightened tenant demand for their properties during this period. Notably, more than a third of landlords (37%) reported a significant increase in demand, with an additional 26% noting slight increases.

Regional analysis showed that the North West exhibited the strongest demand, with 75% of landlords reporting increased tenant interest, followed closely by Yorkshire & The Humber and the East Midlands. The survey also revealed a correlation between heightened demand and rental inflation, particularly in regions experiencing significant demand.

Looking ahead, half of landlords (51%) are planning to increase rents across their portfolios in the next six months, primarily driven by increased property running costs. Richard Rowntree, Managing Director of Mortgages at Paragon Bank, highlights the persistent imbalance between supply and demand in the rental market, emphasizing the need for a well-supplied Private Rented Sector (PRS) to ensure affordable rents for tenants.

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