The Isle of Wight is the area most hit by Britain's rental shortage, figures from Rightmove show.
Since summer 2019, the Island has seen an 82% fall in the number of properties available to rent - the biggest decline across the country.
The analysis measures current rental availability against pre-pandemic levels and compiles 400,000 rental listings between June and July 2021 and June and July 2019.
As well as a decline in available rental properties, the Island has also seen a 376 per cent increase in tenant competition.
A staycation hotspot, the Isle of Wight has seen landlords cash in on properties or rent properties on shorter holiday lets.
Matthew White, Director at Hose Rhodes Dickson on the Isle of Wight, said:
“In more than 30 years working in lettings, I’ve never seen a rental market like it is now. Stock levels are reducing year on year, and tenant demand is the greatest it’s ever been.
"The Isle of Wight is in a unique geographical position, and due to many now able to work from home, we’re seeing less ‘accidental landlords’, whereas pre-covid, homeowners could find themselves suddenly needing to commute to the mainland due to a change in job or circumstance, which is reducing a source of the rental properties becoming available.
"A lack of choice and available property also means we’re seeing more tenants staying put. That said, conversely, we’re seeing more investment in property this year, as people look for a greater return on their money, which more often than not, property delivers."
Tim Bannister, Rightmove’s Director of Property Data said:
"Landlords in the typical tourist destinations around Britain have been chasing the huge surge in demand for holiday lets this summer, which has led to a temporary drop in the stock available for permanent tenants. However, as the summer holidays are coming to an end, agents are now reporting more landlords turning their attention to longer-term tenants as a more secure and stable option for the rest of the year and into 2022.
"The value of a good tenant should not be underestimated, and with the competition for rental properties in these areas so high right now, it could be a good time for landlords to take stock and consider their best longer term option."
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