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Fees ban: Rent rises reach record high for fourth consecutive month
The number of tenants experiencing rent rises following the introduction of the Tenant Fees Act continued its upward curve in August.
The latest figures from ARLA Propertymark show 64% of agents witnessing landlords increasing rents, up from 63% in July.
This figure is significantly higher than the 40% of agents who reported rent rises in August last year and the 35% recorded in August 2017.
ARLA Propertymark says the number of renters experiencing higher rents has now reached a record high for the last four consecutive months.
To reach these figures, the trade body, which started keeping these records in January 2015, surveyed 279 of its members during September.
The study also found that rental property supply increased from 184 properties managed per letting agency branch in July to 197 in August.
On an annual basis, the level of supply has remained the same, however it is 4% higher than the figure recorded in August 2017.
Alongside rising supply, tenant demand also increased in August, up to an average of 76 prospective renters per branch from 73 the previous month.
Meanwhile, the number of landlords leaving the market remained steady at four per branch in August.
“Although it’s positive to see that supply has risen, it is nowhere near enough to counterbalance the rapid pace of rising rents,” says David Cox, ARLA Propertymark chief executive.
“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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Original Source: Letting Agent Today.
Original Author: Graham Norwood.
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https://www.lettingagenttoday.co.uk/breaking-news/2019/10/fees-ban-rent-rises-reach-record-high-for-fourth-consecutive-month
