The latest data and analysis from ARLA Propertymark has revealed that the number of tenants experiencing rent rises fell by 8% during October with 50% of agents witnessing an increase in rent prices, down from 58% in September.
According to ARLA’s data, this is the lowest figure since June 2019, when the number of tenants experiencing rent rises was 55%. However, year-on-year, this figure is up from 24% in October 2018, and 22% in October 2017.
The number of tenants successfully negotiating a rent reduction increased to 1.6% from 1.2% in September. Despite this increase, year-on-year this figure is down from 3.7% in October 2018 and 2.5% in October 2017.
The number of properties managed per branch rose by 8% to 201 in October, from 193 in September. Year-on-year supply is also up from 198 in October 2018 and 182 in October 2017. Demand from prospective tenants remained the same with 72 registered prospective tenants per member branch.
David Cox, ARLA Propertymark Chief Executive said, “This month’s figures show some temporary relief for tenants; however, while the number of landlords increasing rents has fallen, year on year the figure remains worryingly high. Even looking at the increase in the number of tenants negotiating rent reductions, which should be a positive thing, when comparing year-on-year it is less than half of what it stood at in 2018.
“For far too long, successive governments of all political persuasions have passed significant amounts of complex legislation for landlords making the buy-to-let market a less attractive investment, and this coupled with Brexit uncertainty and a looming general election has left the sector strained. Unfortunately, rents are likely to remain high and tenants will continue to feel the pinch.”