ARLA Propertymark has today issued its August Private Rented Sector Report.
The report showes that the number of letting agents who saw landlords increasing rent costs for tenants rose to 35 per cent in August – the highest level since July 2015, when 37 per cent saw rents increase. Year on year, this figure has risen dramatically from 27 per cent in August 2016 - and only two per cent of tenants successfully negotiated a rent reduction, a drop from July 2017, when 2.5 per cent managed to lower their rent costs.
In terms of supply, the number of properties managed per member branch decreased marginally in August, to 189 – down from 192 in July, which is higher than last August where agents managed 183 on average, and demand increased from July to August.
In August, the number landlords selling their buy-to-let properties remained the same as May, June and July this year, with an average of three for sale per branch.
David Cox, ARLA Propertymark Chief Executive, said:
“This month’s findings paint another bleak picture for tenants. In November last year, only 16 per cent of agents saw landlords increasing rent costs, but that figure now stands at 35 per cent – which is likely to continue rising. Landlords have had a rough ride at the hands of policy changes at Government level, and it’s becoming clear that these additional costs are now being passed onto tenants.”