The number of rental properties managed per letting agent branch is at the highest level in 18 months according to a report by Association of Residential Letting Agents (ARLA).

In September 2016 letting agents managed on average 193 properties per branch, an increase from 183 in August 2016 and the highest level seen since April 2015 when there were also 193 rental properties registered per branch.

David Cox, Managing Director of ARLA, said: “This month’s findings paint a really positive picture for renters. Although rental demand is rising, we’ve seen this happen gradually over the course of the year, and would expect it to slow again in line with seasonal trends over the next few months. On the other hand, the supply of rental stock has risen astronomically, which suggest that landlords are not pulling out of the market as a result of Brexit. This is supported in our findings, which reveal the number of landlords selling their buy-to-let properties hasn’t changed since April, when three landlords were selling up per branch.

“It’s good to see fewer landlords hiking rents this month, but 24% is still too high. The cost of renting is already high in many parts of the country and until the Government converts its pledges and promises into bricks and mortar, we won’t see renters reach a position where they’re able to save to get on the housing ladder. It will be interesting to see how this is tackled in the upcoming Autumn Statement.”

Demand for rental properties also rose in September, with 40 prospective tenants registering an interest per letting agent branch, compared to 37 in August. This has been steadily growing since the start of the year, and is now at the highest level seen since February 2015, when there were also 40 prospective tenants registered per branch.