Percentage of landlords increasing rent reaches a 14-month high
- Published: Thursday 27 July, 2017
- Category: Housing market
- By: Andrew Pelis
- Updated: Friday 04 August, 2017
The number of landlords increasing tenant rents reached a 14-month high in June, according to a new report from the Association of Residential Letting Agents (ARLA).
Their research revealed that the number of agents who saw landlords increasing rent costs in June rose to 31%, whilst in May the figure had been 27%.
The June figure equals the highest rate of reported increases in rents since April 2016.
June also saw the supply of rental stock increase by 8% year-on-year, to an average of 190 properties managed per branch, with demand slightly reduced to an average of 61 new tenants registered per branch, down from 65 in April and May.
ARLA Propertymark chief executive, David Cox, commented:
“… the fact that supply looks to be rising, while demand has dropped slightly indicates a move in the right direction for the market. Ultimately, to stop rent prices from increasing too much, we need to find the balance between supply and demand.”
This information should not be interpreted as financial advice. Mortgage and loan rates are subject to change.