ARLA Propertymark reports record high rents for the 4th month in a row
ARLA’s latest Private Rented Sector (PRS) report, based on returns from their letting agent members throughout the county, indicates that a record number of tenants are having their rents increased – it will be to the highest figure on record in the latest figures available for August.
Sixty-four per cent of ARLA Propertymark agents reported that their landlord clients were actively increasing rents. This latest figure is only a marginal rise sice the previous figure in July, where 63 per cent of agents reported rent rises, but its a 4-month upward trend that gives not sign of abating.
The year to date figure given in the report is up considerably from 35 per cent of agents reporting increases in August 2017 and 40 per cent in August 2018.
Those tenants living in Yorkshire and Humberside and the West Midlands were hit hardest, with 80 per cent of agents seeing rent increases.
Other statistics reproted by ARLA 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.
The full report here
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.”