- The number of letting agents who saw rents rise for tenants remained at 31 per cent in July, up from 27 per cent in May
- Rent stock continued to increase slowly, alongside growing demand
- ARLA Propertymark issues July PRS Report
ARLA Propertymark (Association of Residential Letting Agents) is today issuing its July Private Rented Sector (PRS) Report.
- The number of letting agents who saw landlords increasing rent costs for tenants remained at 31 per cent in July
- In June, it also stood at 31 per cent, but has risen from 27 per cent in May
- In comparison, in July 2016, only 28 per cent of agents saw rents increase
- The number of properties managed per member branch increased marginally in July, to 192 – up from 190 in June. This is the highest level since January, when agents managed 193 on average
- Year on year, this figure has increased by four per cent; in July last year, letting agents managed 184 properties on average
Demand from tenants
- Demand from prospective new tenants increased to 70 in July, from 61 in June.
David Cox, ARLA Propertymark Chief Executive, said:
“Landlords really are stuck between a rock and a hard place. All the tax increases they’ve incurred over the last 18 months have meant they either need to sell their properties and exit the market, or increase rent payments to plug the deficit. Neither of these outcomes benefit tenants; if they exit the market, supply is even more strained and matched with growing demand, rent prices will increase anyway. Government may claim they are helping tenants but the unintended consequences of their actions on the private rental sector are now really being felt by tenants in terms of lack of homes to choose from and the feeling of being constantly priced out of the market. This needs to change.”