More tenants experiencing rent rises
The number of tenants experiencing rent rises increased in January, with 26% of agents witnessing landlords increasing them compared to 18% in December, ARLA Propertymark has found.
This is the highest figure recorded since September, when 31% of tenants were experiencing rises and year-on-year the figure is up 7% from January last year.
David Cox, ARLA Propertymark chief executive, said: “This month’s results are another huge blow for tenants.
“With demand increasing by 46% from December, and rents starting to rise in response to all of the cost increases landlords have experienced over the last few years, tenants are in for a rough ride.
“Last month, there were three landlords selling their buy-to-let properties per branch, and as landlords continue to exit the market, rent prices will only continue to rise.
“With the Tenant Fees Act passing its final hurdle in the House of Commons and receiving Royal Assent this month, tenants will continue bearing the brunt, as agents and landlords start preparing for a post-tenant fees world.”
The supply of properties available to rent rose to 197 in January, from 193 in December.
Demand from prospective tenants also increased in January, with the number of house-hunters registered per branch rising to 73 on average, compared to 50 in December.