According to a lettings agent association the number of tenants looking for ‘homes’ per members’ branch has soared by 57% in January from December when it was 56.

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However at the same time of the higher demand for rental ‘homes’ the number of PRS stock has fallen as in January it was at its lowest level for seven months.

The average number of rental accommodations per branch dropped to 191 in January from the previous month’s 206, with the number of properties being the lowest since July 2019, when it was 184 for each branch.

Unsurprisingly the shift in supply and demand in the sector has caused an increase in rents with 42% of the lettings agents reporting that landlords had raised their rents in January, whereas in December it was 32%.

A spokesperson for the trade association, said: “This month’s results are a huge blow for tenants. With demand increasing by more than half, but rental supply falling, rent costs are unsurprisingly being pushed up.

“Our recent research found that tenants could miss out on nearly half a million properties as more landlords exit the traditional private rented sector and turn towards short-term lets which will only serve to worsen the problem for those seeking longer-term rental accommodation.

“With the Spring Budget around the corner, it’s important that the Government works to make the private rented sector attractive to landlords again, rather than introducing complex legislation which ultimately squeezes the sector and leaves tenants worse off.”