Record high rents for 4th month in a row

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Rents:

ARLA Propertymark
reports record high rents for the 4^th 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

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.�

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