Private Rented Sector has grown 47.9%
Image: Private Rented Sector Performance Grows
According to data from Jones Lang LaSalle’s (JLL), a financial and professional services firm specialising in real estate services and investment management, shows that the Private Rented Sector (PRS) in the UK has grown by 47.9% over last five years and looks like it will continue to grow.
JLL estimates that if PRS is to continue to meet the rental demand their prediction is that it will require an additional £57bn of extra funding per annum.
Jon Neale, director of residential research at Jones Lang LaSalle, commented: “For most young people, high prices and unrealistic deposit requirements make home ownership unachievable and as a result many households are now finding themselves in private tenancy. Given that the mortgage market is likely to remain constrained in the near term, it is not unexpected that the expansion of the sector could accelerate.”