THERE are at least six potential tenants for every room advertised in Oxford, according to new research.

Rental website spareroom.co.uk said the level of demand was so high, new rental properties were being snapped up within hours of being advertised.

The website said demand for rental accommodation had soared since the recession, as would-be buyers delayed house purchases.

Bob Urwin, owner of letting agency Martin & Co Oxford, said: “I wouldn’t say there were necessarily six people chasing every room, but certainly applicant demand for rented properties is definitely on the increase.

“It has risen significantly. More people need to rent, particularly up to the age of 35, because of house prices, they can’t get on the property ladder.

“But the lack of finance for property investors also means there are fewer buy-to-let properties available.”

He added: “Consequently, this is driving rents up.

“High demand and not enough housing drives up rent.

“It is obviously a good time for landlords, but not for tenants.”

It can cost about £800 a month to rent a two bedroom flat in East Oxford, while a studio flat could set you back around £600 in the same area.

The most severe shortage of rental accommodation was in London, where there were nearly nine renters for every available room.

People in Luton, Cambridge and Milton Keynes also face stiff competition, with eight tenants chasing every place.

In March, it was announced that house prices in Oxford were falling slower than many other parts of the country, despite falling for the fifth month in a row.

The average price of an Oxfordshire home is now £234,846, compared with £233,803 in February 2010. The national average price for a house is £162,215.

Sarah Waterhouse, 25, has been renting her room in Headington for 18 months and plans to move in with her partner.

She said: “Houses are too much money but the deposit is too much as well.

“Renting is not investing in your future, but it solves a major problem. And if your boiler breaks, you don’t have to fork out for a new one.”

Matt Hutchinson, director at Spareroom.co.uk, said: “These supply versus demand figures bring into sharp focus just how tough the rental climate is at the moment.

“Not just for people looking for a room to rent, but also for those people who are renting at the moment, who are facing rent hikes at a time when budgets are tight.

He added: “On a more positive note, for cash-strapped homeowners with spare rooms there is an opportunity to make some extra income by taking up some of the slack from a rental market which is struggling to cope with demand levels.”