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Rental sector holds steady in March, says ARLA Propertymark

The number of prospective tenants registered per member branch increased by 8% in March, according to the March 2018 PRS report by ARLA Propertymark.

In February, agents had 61 prospective tenants on their books on average, compared to 66 in March. This comes after an increase in January which saw the number of tenants registered per branch jump to 70.

However, the supply of rental accommodation also rose last month, with the number of rental properties letting agents managed rising to 179 per branch, from 175 in February. But this is down year on year; in March 2017 agents managed 183 on average.

The number of tenants experiencing rent hikes increased to 23% in March. This is the highest level seen since September 2017 when 27% of landlords put rent costs up for tenants.

David Cox, ARLA Propertymark chief executive, said: “This month’s results very much show a ‘business as usual’ period for the private rented sector, but this isn’t necessarily a good thing. Supply is still too low and almost a quarter of tenants are experiencing rent hikes every month as landlords try to recoup the costs lost trying to keep on top of all the recent legislative changes – including the recent energy efficiency deadline.”

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