40% of tenants in the Private Rented Sector saw their rents rise in August according to ARLA Propertymark
Latest ARLA Propertymark Private Rented Sector Report – August 2018 headlines ‘Rents Hit Record High’.
The report reveals that in August, the number of tenants experiencing rent hikes increased to 40 per cent, from 31 per cent in July. This is the highest figure recorded since records began in January 2015.
The demand from tenants looking for new homes fell, while the number of properties letting agents managed increased according to ARLA Propertymark report.
David Cox, Chief Executive said:
“As we’ve highlighted before, the impact of recent and ongoing tax changes continues to have a material impact on the buy-to-let market. Four in ten tenants saw their rents rise in August – the highest level we’ve seen since records began.
Although it’s encouraging to see the number of properties available to rent rising, supply still isn’t anywhere near high enough to slow down the pace of rent rises. We need more homes to rent, and for Government to change its narrative and recognise the very valid role buy-to-let plays in the housing mix. Driving small landlords out of the market ultimately impacts tenants most.”
Read the ARLA Propertymark PRS report – August 2018 in full click here.