The number of available rental homes in the UK has decreased by a third over the past 18 months, leading to an 11% rise in rents for new tenants, according to new figures from property website Zoopla.
The data show that letting agencies typically have 10 rentals available compared to over 16 before September 2021.
However, the number of rental properties in the UK has not fallen, as demand for rented accommodation has risen to more than 50% above normal levels, making it more difficult for people to find a home.
Landlords are also leaving the market, while short-term lets such as Airbnb are becoming more popular.
The government is due to introduce a new Renters' Reform Bill in England before the summer to redress the balance in the market and provide more security for tenants.