ARLA Propertymark: Rental prices continue to rise
The number of agents witnessing rent increases remained at 32% in December according to ARLA Propertymark’s latest Private Rented Sector report.
The number of tenants negotiating a rent reduction fell to 1.1% from 1.6% in November which is the lowest figure since records began.
Rent increases have steadily risen from 2017, when it was recorded at 16% in December 2017 and 18% in December 2018.
Demand from prospective tenants fell in December, with 56 prospective tenants registered per member branch.
This is a 16% month-on-month decline and represents the third consecutive month of decreases.
The number of properties managed per brand rose marginally last month from 203 to 206.
David Cox, chief executive at ARLA Propertymark, said: “Since the tenant fees ban came into effect, our data shows that rents reached an all-time high last year.
“While we have seen a slight drop in the number of agents witnessing landlords increasing rents since then, overall rents remain high and now it seems that tenants are finding it harder than ever to negotiate a reduction in rent.
“As rents continue to rise, tenants will find it even more difficult to find suitable accommodation.
“Now that we have a new government in place, it’s important that long overdue legislative changes are implemented to make the market attractive again for both tenants and landlords.”