ARLA Propertymark has issued its March 2019 PRS report, which revealed that the number of properties managed per letting agent branch rose by 3% in March and demand from prospective renters increased.

However, ARLA said that the number of landlords exiting the market and rent increases both remained high. The supply of properties available to rent rose to 203 per member branch in March, from 197 in February – the highest since records began in 2015.

Year-on-year, supply is up 13%, compared to 179 per branch in March 2018. Meanwhile, demand from prospective tenants also increased, with the number of registered tenants looking to rent a home rising to 67 on average, per branch, compared to 65 in February.

The number of tenants experiencing rent rises fell marginally in March, with 30% of agents witnessing landlords increasing them, compared to 34% in February. Year-on-year, this figure is up from 23% in March 2018.

In March, the number of landlords exiting the market remained at four per branch. This is up from three last year.

David Cox, ARLA Propertymark chief executive, said:“Whilst it is really positive that the number of properties available per branch hit a record high last month, this may be the first signs of the industry consolidating ahead of the tenant fees ban as agents either sell-up or merge.”