Growing numbers of tenants faced rent hikes in June
The number of tenants experiencing rent increases rose to 35 per cent in June, up from 28 per cent in May according to figures from the Association of Residential Letting Agents (ARLA).
This is the highest level since August 2017, and represents a 13 per cent rise from June 2017.
Property experts warned that tenants would inevitably face higher rents after a mixture of tax and regulatory changes hit the buy-to-let market.
The number of rental properties letting agents managed rose in June, with 191 on average per branch, the highest figure recorded for this year.
Meanwhile the number of prospective tenants registered per member branch increased in June, with 71 per branch compared to 60 in May – an 18 per cent rise.
David Cox, ARLA Propertymark chief executive, said: “It’s positive to see the number of properties available to rent slowly rising but it still isn’t anywhere near enough to slow down the pace of rent rises, which are continuing to climb.
Rightmove’s housing market analyst Miles Shipside said: “Outside London there looks to be more choice for tenants, but those looking to rent in the South West and Yorkshire and the Humber should note that properties are moving faster than this time last year so they may need to move more quickly to secure a good quality home.”