Rent rises on the increaseMake Text Bigger
ARLA Propertymark is today issuing its January Private Rented Sector (PRS) Report.1
The number of tenants experiencing rent rises increased in January, with 26% of agents witnessing landlords increasing them, compared to 18% in December.
This is the highest figure recorded since September, when 31% of tenants were experiencing rises.
Year on year, this figure is up 7% points, compared to January 2018.
Supply of rental stock and demand from tenants
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 average3, compared to 50 in December.
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 (BTL) 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.”
1 Opinium Research carried out an online survey among 327 ARLA members from 31st January to 18th February 2019. ARLA Propertymark Protected letting agents were surveyed on a number of key rental sector issues including supply and demand, the management of BTL properties, and monthly rent prices. www.opinium.co.uk
2 Records began in January 2015
3 Based on new option ranges, so comparisons beyond April 2017 unavailable
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