ARLA Propertymark has just released its August Private Rented Sector (PRS) Report, which revealed that the number of tenants experiencing rent rises rose marginally in August, with 64% of agents witnessing landlords increasing them, compared to 63% in July. Year-on-year, this figure is up from 35% in August 2017, and 40% in August 2018.
The number of properties managed per branch rose to 197 in August, from 184 in July. Year-on-year this is the same, but supply is up by 4% from August 2017. Demand from prospective tenants also increased, with the number of house hunters registered per branch rising to 76 on average, compared to 73 in July.
David Cox, ARLA Propertymark chief executive, said:“Although it’s positive to see that supply has risen, it is nowhere near enough to counterbalance the rapid pace of rising rents, which have reached a new record high for the fourth month running. Two thirds of agents reported landlords raising rents last month, which is a significant increase when compared with the two fifths of agents who witnessed rises in August last year.”