There are less than half the number of properties available to rent in Oxford compared to three years ago, according to one agent.

Jane Foster, of St Clements-based College and County, said: “This time of year is the big move-in, move-out period but whereas three years ago you would have found more than 1,000 two-bedroom apartments advertised through property portals, this year there are fewer than 400.”

Ms Foster believes the shortfall is down to more tenants renewing contracts and staying where they are, plus landlords pulling out of the property lettings market because of worries about house prices.

She added: “Demand is always high at this time of year but it is exacerbated because of these factors. We know rents are going up. When tenants renew or a property comes back on to the market, we have to put on a percentage increase because that is what landlords expect.”

But despite the high demand, she warns landlords to be realistic about rental rates.

“If you are letting a two-bedroom apartment in August, it is critical to be at the correct price point. At the moment it is very pressurised and you can hold out for a higher rent but the market changes extremely quickly and as soon as it dips, you could end up with your property empty and not earning revenue. It is much better to put a property on at slightly less and know you will get a good tenant or choice of tenants,” she said.

College and County has just let a two-bedroom apartment in the Oxford Castle development for £1,695 per month with the tenant paying a year’s rent in advance.

The agency has another two-bedroom apartment in the same complex for £1,675 per month.

For more information, call College and County on 01865 722277 or visit collegeandcounty.biz