Rents continue to rise

Rents continue to rise

New figures in the PRS report by ARLA Propertymark have revealed that a staggering 35% of letting agents saw landlords increase rents in August. This is the highest level of increase since July 2015

The figures also revealed that only 2% of tenants managed to negotiate a rent reduction during August.

Commenting on these findings, CEO of ARLA Propertymark David Cox said “ August’s findings paint another bleak picture for tenants. In November last year only 16% of letting agents saw landlords increase rent costs, but that figure now stands at 35%, which is likely to continue rising.”

David Cox continued, “Landlords have had a rough ride at the hands of policy changes at government level, and it’s becoming clear that these additional costs are now being passed onto tenants.”

Whilst it is no surprise that landlords have reacted to changes in this manner, the scale of the increase has still been a bit of revelation for some analysts.

The PRS report also revealed that there has been a small increase in demand from tenants during August and the number of landlords selling their buy-to-let properties has remained fairly consistent with previous months – averaging at three for sale per branch.

It will be interesting to see what the forthcoming months reveal.