ARLA market report sees rents rising and landlords quitting
The latest Private Rented Sector report by the Association of Residential Letting Agents has revealed that more tenants are seeing rent increases.
The number of tenants who have reported rent rises increased in January, with 26 per cent of agents witnessing landlords increasing them, compared to just 18 per cent in December.
According to Letting Agent Today, this is the highest figure recorded since September, when a third of tenants were experiencing rises.
Year on year, this figure is up 7 percentage points, compared to January 2018.
The supply of properties available to rent has risen from December to January.
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.
David Cox, Chief Executive at ARLA Propertymark said:
“This month’s results are another huge blow for tenants. With demand increasing by 46 per cent from December, and rents starting to rise in response to all of the cost increases landlords have experiences 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.”