The number of tenants experiencing rent increases in January rose for the first time since September 2018, according to ARLA Propertymark’s latest PRS report.
Some 26% of letting agents witnessed landlords increase rents last month, up from 18% in December, ARLA Propertymark found.
This is the highest figure recorded since September, when 31% of tenants were experiencing rises.
Year-on-year, this figure is up 7%.
The data also shows that supply of rental stock is increasing, with the number of properties available having risen from 193 in December to 197 last month.
Demand from prospective tenants has also increased in January, with the number of house-hunters registered per branch rising to 73, up from 50 in December.
David Cox, ARLA Propertymark Chief Executive, said: “This month’s results are another huge blow for tenants. With demand increasing by 46% from December, and rents starting to rise in response to all of the cost increases landlords have experienced over the last few years, tenants are in for a rough ride.
“Last month, there were three landlords selling their buy to let properties per branch, and as landlords continue to exit the market, rent prices will only continue to rise.
“With the Tenant Fees Act passing its final hurdle in the House of Commons and receiving Royal Assent this month, tenants will continue bearing the brunt, as agents and landlords start preparing for a post-tenant fees world.”
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