Rent rises decreased for tenants in September
The number of tenants experiencing rent rises decreased in September but remained high overall, according to ARLA Propertymark’s September PRS report.
The figure stands at 58% of agents witnessing an increase in rent prices, which is up from 31% seen at the same time in 2018.
The number of properties managed per branch experienced a small decline at 193 in September, with demand from home hunters registered per branch falling to 72 on average.
David Cox, chief executive at ARLA Propertymark, said: “While the number of tenants experiencing an increase in rent has dropped marginally, rent prices remain alarmingly high as they have done since the Tenant Fees Act came into effect.
“It’s also concerning to see that the number of properties managed per letting agent branch has fallen.
“As supply falls, competition amongst tenants increases which further drives up rent costs.
“With the possibility of a General Election approaching, we hope that the government recognises the importance of increasing supply for tenants and uses it as an opportunity to make the market more attractive for landlords.”