Michaella Waldren, 23, has spent the past three months calling estate agents and combing the internet for a home to rent with her 26-year-old boyfriend, Chris Maclean.

After dozens of disappointing viewings the couple had almost given up hope of finding any place at all. Finally they hit upon a one-bedroom flat in Tooting Bec, South London, last week. They will be paying £315 a week, £15 a week more than they had planned to spend.

“We called 15 estate agents in a week and only three would call us back. The agents I got through to told me they just didn't have any properties on their books,” she said.

One agent told Miss Waldren that at least 60 per cent of rental leases were being renewed, so no new properties were coming on to the market.

Miss Waldren, a PR executive, and Mr Maclean, an energy consultant, spent their lunch hours and evenings trawling websites to try to keep ahead of London's lightning-fast rental market. “Everything moves so quickly,” Miss Waldren said. “It's such a stressful market at the moment. As soon as a new flat appeared on an estate agent's website, it would be gone.”

They have now paid a £300 holding deposit on their “one and a bit” bedroom flat and will soon be signing an 18-month lease. They will move in August. “It was very difficult trying to find a property so far in advance because estate agents give priority to people with just days to go on their lease. But I really didn't want to leave it that late,” she said.

Miss Waldren will not be buying a flat in the foreseeable future, preferring the flexibility of renting. None of her friends owns a home. “Renting is the best option for me. House prices are too expensive for me to get a place of my own and mortgage rates make renting a cheaper option,” she said.

Money Central: 10 tips to survive a property downturn