Fewer tenants faced rent rises in November
The number of tenants experiencing rent increases in November dropped to its lowest level since February this year, new data from ARLA Propertymark reveals.
This is the third consecutive month in which the number of tenants seeing their rent increase dropped, with 21 per cent of lettings agents reporting that landlords increased rents, compared to 24 per cent in October and 31 per cent in September.
However, year-on-year the volume of tenants experiencing rent rises last month was up 16 per cent compared with November 2017.
The association said this was in part due to a drop in the supply of rental stock on the market, which fell from 198 in October to 183 in November – down 4 per cent year-on-year, and the lowest level recorded since April this year, when supply was at 179.
The research also found that demand from tenants also fell in November, with the number of registered house-hunters per branch dropping to 55 on average, down from 71 in October.
ARLA Propertymark chief executive, David Cox, said: “It looks like tenants are starting to take control, with the number of landlords hiking rents falling for the third month in a row.
"However, as we look ahead to 2019, things don’t look as positive for tenants."
He warned that rising costs were forcing some landlords out of the market, which would in turn "increase competition and push up rent costs."
"If we want to secure market stability in the New Year, we need to increase stock and making the market more attractive for buy-to-let investors is the only way this can be done,” he concluded.