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A third of tenants see rents rise: Arla Propertymark

Arla Propertymark reports that 31 per cent of renters dealt with a price increase in September.

This compares with 27 per cent in 2017, and 24 per cent the year before that.

On a monthly basis, however, this figure has dropped from the 40 per cent figure seen last month, a record high.

On a yearly basis, demand from prospective tenants is down 20 per cent, going from 79 registered per letting branch in 2017 to 63 in September of this year. In August, this number stood a 64.

The report also suggests that landlords continue to leave the buy-to-let market, with letting agents managing 194 properties per member branch in September, down from 197 last month.

ARLA Propertymark chief executive David Cox says: “Increasing costs and continued regulatory change is pushing BTL investors out of the market and deterring new ones from entering. An average of four landlords took their properties off the market per branch in September, up from three this time last year – and as supply falls, competition among tenants increases, which is driving up rent costs.

“With the Autumn Budget approaching, we hope the government recognises the importance of increasing supply for tenants and uses it as an opportunity to make the market more attractive for BTL investors.”

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