Nathan Emerson, CEO of Propertymark, comments on the UK Office of National Statistics’ latest Price Index of Private Rents (PIPR) report for May 2024 which addresses private rent inflation for new and existing tenancies.

As many people continue to grapple with what has been a very challenging few years financially, the pressure remains for some renters. Ultimately there are a few reasons why rents continue to rise.

However, what we are seeing is many landlords who strive to provide high-quality accommodation currently being squeezed out of the sector due to aspects like elevated interest rates and proposed changes to background legislation. Therefore, we need to see a much greater focus on ensuring the supply of homes meets current demand levels.”