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Competition is even greater in some regions. In the North West of England, a two-bed flat was listed for 37 days in 2019, and has since halved to 18 days.
Agents in areas with the most intense competition say the situation is unprecedented, and potential tenants need to be even more fleet-footed.
The situation is unlikely to change anytime soon, according to Richard Valentine-Selsey, director of residential research at Savills.
“There is not enough supply coming on to the market, and we need more investment in the sector to bring more homes available to rent,” he said.
Adrian Draude, 32, said he and his wife were ill-prepared for the level of competition they faced when searching for a flat after returning from their honeymoon.
They have recently found a place in Guildford, Surrey, but Adrian described the process as “aggravating”.
“You’d see a place – one minute it was there, and the next it had gone.”
They had been saving diligently for years. To do so, he moved back in with his parents for three years.
Returning to, or extending a stay in, the family home is one impact of rapidly rising rents, battles to find property in the lettings sector, and the high cost of becoming a first-time buyer.
Official figures revealed 3.6 million people aged between 20 and 34, including a third of young men, were living with their parents last year.
Industry leaders warn that the number of properties available to rent may be set to fall, rather than go up.
The National Residential Landlords Association (NRLA) said its survey of members revealed that 31 percent of those asked said they planned to cut the number of properties they rented out, compared with nine percent who planned to increase their offer.
“Landlords selling up is the single biggest challenge renters face. The only answer is to ensure responsible landlords have the confidence to stay in the market and sustain tenancies,” said Ben Beadle, chief executive of the NRLA.