10:05 AM, 29th October 2019, About 3 years ago
ARLA Propertymark’s Private Rented Sector (PRS) report has just been released for September.
The number of tenants experiencing rent rises remains high overall with 58% of agents reporting an increase in rent prices, which is up from 31% in September 2018, and 27% in September 2017. See Figure 1 below. However, the agents reporting the most consistent increases in rents were in the North East of England at 86%.
The overall average length of tenancy for ARLA agents has fallen from 20 months in August to 19 months this September.
The number of properties managed per branch fell to 193 in September, from 197 in August with the number of landlords exiting the market remaining 4 per agency branch.
David Cox, ARLA Propertymark Chief Executive, 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.”