The total number of letting agents who saw rents rise for their tenants stayed consistent during July, according to the most recent figures released by the Association of Residential Letting Agents.
In their most recent Private Rented Sector Report, ARLA suggest that the number of agents experiencing rises for tenants stayed at 31% – the same figure as in June. However, this is a rise from the 27% seen in May.
Data from the report shows that the number of properties being managed per member branch increased marginally during July, to 192 from 190 in June. This is the greatest level since January when agents were managing 193 properties on average.
On a year-on-year basis, this figure has risen by 4%, with July 2016 seeing letting agents managing 184 properties on average.
David Cox, Chief Executive of ARLA Propertymark, noted: ‘Landlords really are stuck between a rock and a hard place. All the tax increases they’ve incurred over the last 18 months have meant they either need to sell their properties and exit the market, or increase rent payments to plug the deficit. Neither of these outcomes benefit tenants; if they exit the market, supply is even more strained and matched with growing demand, rent prices will increase anyway.’
‘The Government may claim they are helping tenants but the unintended consequences of their actions on the private rental sector are now really being felt by tenants in terms of lack of homes to choose from and the feeling of being constantly priced out of the market. This needs to change,’ he added.
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