The average landlord now spends 5.6 per cent more annually on their property than they did in 2017.
Further data collected by BVA BDRC on behalf of Kent Reliance shows that over a third of landlords, 36 per cent, are in the process or are planning to reduce their spending.
The data outlines that the average landlord who intends to reduce their spending per property would do so by an average of 6 per cent.
According to BVA BDRC, if this was replicated across the private rented sector, the total reduction of spending across the market would total £1bn.
The most popular areas landlords are planning to reduce spending on is property upkeep and maintenance at 46 per cent, which is followed by property improvements, at 38 per cent.
Meanwhile, one in five landlords plans to increase rents to cover the higher costs they face, adds BVA BDRC.
OneSavings Bank sales director Adrian Moloney comments: “The political discourse around the PRS has been one-sided to say the least.
“Landlords have faced punitive tax and regulatory changes at a time when running costs are climbing.
“Policies that increase the cost and complexity of being a landlord do not benefit tenants – quite the opposite.”