THE desperate state of the Isle of Wight's rental market has been laid bare in figures from property website Rightmove, which found the supply of rental properties had dropped by 82 per cent in two years.

Rental properties in current staycation hotspots like the Island have either been sold off by landlords cashing in while prices are high, or transferred to the short-term market of lucrative holiday lets.

The ten places all recording the largest falls in rental supply are all popular staycation locations, but the Island is top of the list, followed by North Devon.

The County Press has previously reported on the rental crisis on the Isle of Wight. Properties were being snapped up within the hour.

Ben Hollis, of Lancasters estate agents, told The Telegraph this week: “Normally, across the whole of the Isle of Wight, there will be 200 properties available. Today, there are 18. There was a point a few weeks ago when there were four.

“Now we leave a rental property online for an hour, and that will generate 30 enquiries.”

Currently on Rightmove, at the time of writing, a handful of four-bedroom homes are listed for upwards of £1,500 per month.

A third of the properties listed are up for upwards of £1,000 per month. The cheapest three-bed home is £895 per month.

Read more: Does Cornwall have the answer to the Isle of Wight's problem?

Rightmove also found that competition for homes on the Island has increased by 376 per cent.

The housing market has been buoyant this year, with house prices rising but properties being snapped up.

The council said it would work to find solutions for any household that approaches them for assistance because they are homeless or threatened with homelessness. People in this situation should contact the council’s Homeless Service for advice and assistance.

Housing charity Shelter said that for decades, nationally, the number of social homes has been plummeting, forcing people to rent privately, and this would be worse post-pandemic.