This is the highest level since April 2016, when 31% of agents also reported rent hikes.
The number of properties managed per member branch increased marginally in June, to 190 – up from 189 in May. Year on year, this figure has increased by 8%. In June last year, letting agents managed just 176 properties on average.
Additionally, demand from tenants dropped slightly in June, with 61 new tenants registered per branch, compared to 65 in April and May.
When asked about their demands for the new government, letting agents would like the Government to scrap the impending ban on letting agent fees (83%) – however three quarters (73%) would also like the Government to focus on improving enforcement for rogue agents.
More than three in five (62%) want the new Government to regulate the sector, while a quarter (26%) think they should provide tax breaks to encourage longer term tenancies.
David Cox, ARLA Propertymark Chief Executive, said: “With the cost of living on the rise and inflationary pressures tightening, the last thing tenants need is for their rents to continue rising. However, the fact that supply looks to be rising, while demand has dropped slightly indicates a move in the right direction for the market.
"Ultimately, to stop rent prices from increasing too much, we need to find the balance between supply and demand. While there’s still a long way to go, if the supply of rental stock continues to increase, and the number of tenants searching for new properties drops off, we’ll be making headway towards achieving this.”
