The number of letting agents who saw landlords increasing rent costs for tenants rose to 35 per cent in August according to the Association of Residential Letting Agents – that’s the highest level since July 2015, when 37 per cent saw rents increase.
Only two per cent of tenants successfully negotiated a rent reduction, a drop from July 2017, when 2.5 per cent managed to lower their rent costs.
Stock volumes are dipping. The number of properties managed per ARLA member branch decreased marginally in August, to 189 – down from 192 in July.This is higher than last August where agents managed 183 on average.
Demand from prospective new tenants increased to 72 last month, from 70 in July.
Meanwhile the number of landlords selling their buy to let properties remained the same last month as in May, June and July this year, with an average of three for sale per branch.
“The findings paint another bleak picture for tenants. In November last year, only 16 per cent of agents saw landlords increasing rent costs, but that figure now stands at 35 per cent – which is likely to continue rising. Landlords have had a rough ride at the hands of policy changes at government level, and it’s becoming clear that these additional costs are now being passed onto tenants” says David Cox, ARLA Propertymark chief executive.