The average number of new prospective tenants registered per branch fell in October to 71, from September’s figure of 83, according to ARLA Propertymark.
The number of tenants experiencing rent increases fell slightly in October, as 68 per cent of agents saw landlords increasing rents compared to 75 per cent in September.
This is the lowest since June, where rent increases stood at 60 per cent.
Meanwhile the number of properties managed per branch decreased from 199 in September to 196 in October.
Year-on-year this is slightly lower than October last year when the figure stood at 213.
Regionally, the North East had the highest number of properties managed per letting agent branch with a figure of 350. However, rental stock was the lowest in London with an average of just 69 properties managed per branch.
The number of tenants successfully negotiating rent reductions increased from 0.5 per cent in August to 0.8 per cent in September.
Propertymark’s chief executive Nathan Emerson says: “The PRS remains under pressure, however demand has fallen for the second consecutive month and the number of tenants experiencing rent increases has fallen.
“There are clear issues with the availability of properties, with some regions, London in particular, being in very short supply of rental stock. This is being exacerbated by the current legislative and regulatory changes taking place, as well as energy efficiency targets, both of which could squeeze landlords and make them consider leaving the market.
“Under this increasing pressure, it is crucial that measures are introduced to retain landlords and incentivise more into the sector.”