One third see rent hikes in September

Mortgage Introducer

October 29, 2015

Three in five (59%) West Midlands tenants suffered from rent hikes in September compared to under a quarter (22%) in London.

Renters in East Midlands were likely to be most successful when finding a rental property, with an average of 272 managed properties per member branch compared to the UK average of 182.

London had the lowest number of managed rental properties with only 124 managed on average per branch, reflecting how the issue of supply is plaguing the capital.

David Cox, managing director, Association of Residential Letting Agents, said: “It’s interesting to see how tenants across the country are affected in different ways when it comes to the rental market; each region has its own issues, whether it’s lack of suitable housing, no available housing at all, or over inflated rent prices.

“It’s a surprise to see that those renting in the West Midlands are suffering from rent increases the most, when many of us would automatically think tenants in London would be the most prone to rent increases due to the competition in the capital.

“The rental property market remains a significant concern, as prospective house buyers either can’t afford to get onto the housing ladder, or simply can’t find a house they are willing to buy – putting increasing pressure on the rental market. Until the issue of supply and demand is addressed, we will continue to see tenants across the country struggling to get a good deal on rental properties.”

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