The number of tenants experiencing rent hikes rose to 35 per cent in June, up from 28 per cent in May according to the latest release of figures from the Association of Residential Letting Agents.
This is the highest level since August 2017, and represents a 13 per cent rise from June 2017.
The number of rental properties letting agents managed rose in June, with 191 on average per branch
This is the highest figure recorded for this year and a three per cent increase compared to May this year, when agents managed 186 per branch.
Meanwhile the number of prospective tenants registered per member branch increased in June, with 71 per branch compared to 60 in May – an 18 per cent rise.
The exodus of landlords from the sector slowed - the number exiting the market decreased to an average four per branch in June.
“It’s positive to see the number of properties available to rent slowly rising but it still isn’t anywhere near enough to slow down the pace of rent rises, which are continuing to climb” explains David Cox, ARLA Propertymark chief executive.
“Over the last few years, we’ve seen taxes to both purchase and let a rental property increase. This combination – coupled with continued regulatory change – has unsurprisingly started pushing landlords out of the market. We predicted back at the end of last year that renters would be in for a rough ride in 2018, and we warned government about the impact on the market. Our fears are now being realised.”