ARLA Propertymark has issued its March Private Rented Sector (PRS) report, showing an increase in rental stock availability.
Rental stock supply and tenant demand
The available supply has risen to 203 properties per member branch during March, up from 196 in February. This is the highest ARLA Propertymark has reported since records began in 2015.
The year-on-year results show that supply is up 13%, compared to 179 per branch in March 2018. The demand from prospective tenants has also seen an increase, with the number of those registering per branch rising to an average of 67, compared to 65 in February.
Rent rises have fallen marginally in March for tenants, with 30% of agents reporting an increase by landlords. This is compared to 34% in February.
Year-on-year, ARLA Propertymark have reported this figure to be up 30%, from 23% in March 2018:
Landlords looking to sell
The number of landlords looking to sell their buy-to-let property and exit the market in March has remained at four per branch. This is up from three per branch last year.
David Cox, ARLA Propertymark Chief Executive, said: “Whilst its really positive that the number of properties available per branch hit a record high last month, this may be the first signs of the industry consolidating ahead of the tenant fees ban as agents either sell-up or merge.
“This, coupled with landlords exiting the market and rent costs continuing to rise, means the overall picture is far from positive for renters.
“The full effects of the tenant fees ban have not yet been felt, and now the Government is introducing yet more new legislation which will deter new landlords from entering the market, such as abolishing Section 21.