Tenants in the West Midlands are suffering the most from rent increases, according to the Association of Residential Letting Agents’ monthly rental report.
Some 59 per cent of ARLA letting agents in the West Midlands witnessed a rent increase for tenants in September – the highest out of all regions. This is compared to just 22 per cent of letting agents in London noticing rent increases since last month, and an all-UK average of 32 per cent.
The association says renters in East Midlands are likely to be most successful when finding a rental property, with an average of 272 managed properties per member branch, compared to the UK average of 182. London has the lowest number of managed rental properties, with only 124 properties managed on average per branch, despite the huge population – proving that the issue of supply is plaguing the capital.
Demand for rental properties is the most prominent in the North West, with agents registering on average 40 new prospective tenants per branch in September – the most out of all regions. Agents in London, South East and the South West all registered an average of 39 new prospective tenants per branch.
Agents in the East Midlands and Scotland are seeing the least new tenants coming through their doors.
Tenants in the East of England seem the happiest, as they stay in rented homes for the longest duration, with most staying for 20 months at a time. However, those living in the North West only tend to live in each property for an average of 15 months at a time, perhaps explaining why it has the highest prospective tenants per branch.
The report also revealed that rental properties in London have an average of six viewings before they’re let – the highest amount of viewings out of all regions in the UK. This could be down to the battle for space in the capital and the fact that as soon as a property goes on the market in London, many people flock to see it straight away to fight the competition of other renters.
This is compared to properties in the East of England being let after an average of three viewings.