State of the Lettings Industry Report 2024

The State of the Lettings Industry Report 2024 presents an analysis of the current challenges facing the Private Rented Sector (PRS) in the UK. The report is based on insights from over 1,500 letting agents, landlords, and tenants, highlighting the significant pressures on the sector, including a notable decline in the number of landlords and a corresponding increase in tenant demand. It documents that many landlords are exiting the market, leading to a supply shortage that has resulted in rising rents, with a substantial portion of tenants now spending over 40% of their income on rent, categorizing them as being in 'rent poverty.' The report emphasizes the need for innovative strategies to support landlords and letting agents to maintain a sustainable rental market. It also discusses the impact of government reforms, which many believe could exacerbate existing challenges. The findings indicate that the letting agents are experiencing heightened stress levels due to these market dynamics, necessitating careful consideration of legislative changes.