There is already a supply-demand imbalance in the private rental sector across the UK currently, and given these projections, it seems this shortage is likely to continue.
Currently, the supply of private rental homes is static, and available rental properties have significantly reduced in number in recent years. This is due to several factors, including the fact that tenants stay in properties for longer, meaning fewer are becoming available to re-let.
More renters are also staying in the market due to high-interest rates, constraining their ability to buy their property and keeping tenant demand high.
Savills report that to meet their future projected demand, there’s a need for an investment of £300 billion.
Further reading: Find out more about the new build market with our guides to new builds in Manchester, or find out if buying a new build is a good investment.