Fewer landlords have been increasing their rent this autumn as the sector pulls together to support tenancies.
ARLA Propertymark’s latest private rented sector report for October reveals that the number of tenants experiencing rent increases fell for the second month in a row; only 37% of agents witnessed landlords increasing rent compared with 40% in September and 48% in August.
That’s also 13% lower than in October 2019, when the figure stood at 50%.
ARLA President Angela Davey (pictured) says it’s testament to the fact that letting agents are continuing to support landlords and their tenants during the pandemic.
She adds: “As the UK experiences continued lockdown measures and regional restrictions, it’s essential that tenancies are maintained to keep the rent flowing as the stability of the private rental sector is key to the economy’s bounce-back from the impact of Covid-19.”
Both the number of new prospective tenants and properties managed per branch hit an all-time high in October, reports ARLA, after polling its members.
Letting agents signed up an average of 88 new renters per branch, although this varied widely across the UK, with the West Midlands seeing the highest number (173) and Scotland the lowest (30).
Last month also saw the number of properties managed per branch rise from 193 in September to 213 – beating the previous record of 201 in 2019 – while the number of landlords selling their buy-to-let properties fell from five per branch in September to four in October.