Arla’s ‘Propertymark’s Private Rented Sector’ (PRS) report shows that the number of tenants experiencing rent rises increased to the highest figure on record in August.
The number of tenants experiencing rent rises increased to the highest figure on record in August, with 64% of agents witnessing landlords increasing them.
This is a marginal increase from July where 63% of agents witnessed landlords increasing rents. Year on-year, this figure is up from 35% in August 2017 and 40% in August 2018.
Tenants in Yorkshire and Humberside and the West Midlands were the worst affected with 80% experiencing a rent increase.
David Cox, chief executive of Arla Propertymark, said: “Although it’s positive to see that supply has risen, it is nowhere near enough to counterbalance the rapid pace of rising rents, which have reached a new record high for the fourth month running. Two thirds of agents reported landlords raising rents last month, which is a significant increase when compared with the two fifths of agents who witnessed rises in August last year.
“Unfortunately, the impact of the Tenant Fees Act will continue to be felt by tenants, as in order to keep their heads above water landlords will need to continue increasing rents to cover the additional costs they now have to bear.”
Other statistics show:
- The number of properties managed per branch rose to 197 in August, from 184 in July
- Year-on-year is the same, supply is up by 4 per cent from August 2017
- Demand from prospective tenants also increased, with the number of house hunters registered per branch rising to 76 on average, compared to 73 in July
- Landlords selling their buy-to-let
- In August, the number of landlords exiting the market remained at four per branch