ARLA Propertymark has just released its August Private Rented Sector (PRS) Report. The findings revealed that in August, the number of tenants experiencing rent hikes increased to 40%, from 31% in July. This is the highest figure recorded since records began in January 2015. Year on year, this figure has increased from 35% in August 2017 and 27% in August 2016.
Demand from prospective tenants fell significantly though, with the number of house-hunters registered per branch dropping by 19% in August to 64 on average, compared to 79 in July. Year on year, demand is down 11% as there were 72 prospective tenants registered per letting agent branch in August 2017.
The supply of available properties rose to 197 in August, from 184 last month. This is the highest figure seen since December 2017, when supply stood at 200. Year on year, this figure is up 4% from 189 in August 2017.
David Cox, ARLA Propertymark chief executive, said:“Four in ten tenants saw their rents increase in August – the highest level we’ve seen since records began. Although it’s encouraging to see the number of properties available to rent rising, supply still isn’t anywhere near high enough to slow down the pace of rent rises.”