Almost three in 10 letting agents saw landlords increasing rent in June in response to high demand from prospective renters, new research shows.
Some 29% of agents witnessed landlords increasing rent last month, according to new figures from ARLA Propertymark.
The number of prospective tenants hit an all-time high for the month of June, with the average branch registering 79 new tenants per branch, compared to 70 on average in May.
Similarly, the number of rental properties on the market in June continued to pick up. The number of properties managed per branch reached an all-time high for the month of June , with an average of 200 properties managed per letting agent branch.
Regionally, Yorkshire & Humberside saw the highest number of properties managed, with an average of 264 per branch and Wales had the lowest number of properties on their books, with an average of just 104 per branch.
The average time properties were vacant between tenancies fell to four weeks in June from five weeks during May.
According to ARLA Propertymark, this is still the longest period on record properties have remained void between tenancies for the month of June, with a previously consistent figure of three weeks.
Phil Keddie, president, ARLA Propertymark, commented: “Our latest figures show that the rental market is continuing to pick up following the Covid-19 lockdown.
“The record-breaking supply of rental stock and demand from tenants for this time of year paints an optimistic picture for the summer months, indicating that the market will be more active than the usual seasonal lull.
“As the market continues to recover from the pandemic, it’s essential that everyone continues to keep up with their rent in order to sustain the market and help boost the economy during these uncertain times.”
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