There was a marginal drop in the number of tenants experiencing rent increases in September but they remained high overall, ARLA Propertymark’s September PRS report shows.
The data reveals that 58% of agents saw an increase in rent prices last month, which is up from 31% in September last year, and 27% in the same month in 2017.
The number of properties managed per branch experienced a slight fall at 193 in September, down from 197 in August, while demand from home hunters registered per branch fell to 72 on average, compared to 76 in August.
David Cox, chief executive at ARLA Propertymark, commented: “While the number of tenants experiencing an increase in rent has dropped marginally, rent prices remain alarmingly high as they have done since the Tenant Fees Act came into effect.
“It’s also concerning to see that the number of properties managed per letting agent branch has fallen. As supply falls, competition amongst tenants increases which further drives up rent costs.
“With the possibility of a general election approaching, we hope that the government recognises the importance of increasing supply for tenants and uses it as an opportunity to make the market more attractive for landlords.”