The number of tenants experiencing rent increases in November dropped to its lowest level seen since February this year, according to fresh data and analysis from ARLA Propertymark.
This is the third consecutive month in which the number of tenants seeing their rent increase dropped, with 21% of lettings agents reporting that landlords increased rents, compared to 24% in October and 31% in September.
However, year-on-year the volume of tenants experiencing rent rises last month was up 16% compared with November 2017, owed in part to a drop in the supply of rental stock on the market, which fell from 198 in October to 183 in November – down 4% year-on-year, and the lowest level recorded since April this year, when supply was at 179.
The research 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.
“Our members expect more landlords to be driven out of the market by rising costs, which will 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 BTL investors is the only way this can be done.”