The number of letting agents who saw rents rise for tenants remained at 31 per cent in July, up from 27 per cent in May, according to the latest figures from the Association of Residential Letting Agents.
In its July Private Rented Sector Report, numbers indicated that demand is increasing alongside the rise in rents.
The figures also showed that yhe number of properties managed per member branch increased marginally in July, to 192 – up from 190 in June. This is the highest level since January, when agents managed 193 on average
Year on year, this figure has increased by four per cent; in July last year, letting agents managed 184 properties on average
David Cox, ARLA Propertymark Chief Executive, said:
“Landlords really are stuck between a rock and a hard place. All the tax increases they’ve incurred over the last 18 months have meant they either need to sell their properties and exit the market, or increase rent payments to plug the deficit. Neither of these outcomes benefit tenants; if they exit the market, supply is even more strained and matched with growing demand, rent prices will increase anyway.
“Government may claim they are helping tenants but the unintended consequences of their actions on the private rental sector are now really being felt by tenants in terms of lack of homes to choose from and the feeling of being constantly priced out of the market. This needs to change.”