An increasing number of tenants are experiencing rent rises as rental prices reach a record high for the fourth consecutive month ARLA Propertymark’s August PRS report has found.
Some 64% of agents witnessed landlords increasing rents last month, up from 40% year-on-year and up slightly from the 63% reported in July.
The number of properties managed per branch rose to 197 from 184 in July.
David Cox, chief executive at ARLA Propertymark, said: “Although it’s positive to see that supply has risen, it is nowhere near enough to counterbalance the rapid pace of rising rents, which have reached a new record high for the fourth month running.
“Two thirds of agents reported landlords raising rents last month, which is a significant increase when compared with the two fifths of agents who witnessed rises in August last year.
“Unfortunately, the impact of the Tenant Fees Act will continue to be felt by tenants, as in order to keep their heads above water landlords will need to continue increasing rents to cover the additional costs they now have to bear.”
Demand from prospective tenants also increased, with the number of house hunters registered per branch rising to 76 on average.