Rent rises hit record high
The number of tenants facing rent rises hit yet another record high in August, the latest ARLA Propertymark PRS (Private Rental Sector) report shows.
The trade body for letting agents reports that 64 per cent of its members witnessed landlords increasing rents in August.
Rents are rising on the back of greater demand from prospective tenants, with the number of house hunters registered per letting agent branch rising to 76 on average, up from 73 in July.
Letting agents had an average of 199 properties under management per member branch in August, up from 184 a month earlier, but still not enough to meet growing demand from renters.
David Cox, ARLA Propertymark chief executive, 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.”