ARLA Propertymark has issued its May Private Rented Sector (PRS) Report and found that the number of rental properties letting agents managed rose in May, with 186 on average per branch. This is the highest figure recorded for this year and a 4% increase from the previous month, when agents managed 179 per branch.
The number of tenants experiencing rent hikes increased to 28% in May, up from 26% in April, which is the highest level since August 2017 when 35% of landlords put rents up for tenants.
The number of prospective tenants registered per member branch dropped significantly in May however, with 60 per branch compared to 72 in April – a 16% dip. This is the lowest demand seen since December 2017, when there were 59 tenants registered per branch.
The number of landlords exiting the market remained at five per branch in May. David Cox, ARLA Propertymark chief executive, said: “There’s a chronic supply shortage in the rental market at the moment, and while it’s positive that the number of properties available to rent seems to be rising, this is just a drop in the ocean; it isn’t nearly enough to fix the market for tenants.”