Buy to Let Property Rent Rises on the Up

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The number of tenants experiencing rent rises in the private rental sector rose in January for the first time since September last year.

According to the latest January Private Rented Sector (PRS) Report from ARLA Propertymark, the number of tenants experiencing rent rises increased in January, with 26 per cent of agents witnessing landlords increasing them, compared to 18 per cent in December.

This is the highest figure recorded since September, when 31 per cent of tenants were experiencing rent rises in their private rental properties.

The year-on-year figure for rent rises in private rental properties is also up, rising by 7 per cent when compared to January 2018.

The uplift in the rate of rent rises in January has come despite the average number of available private rental properties also increasing on a monthly basis, up from 193 in December to 197 in January.

This is possibly due to the increase in tenant demand also registered in the month. Demand from prospective tenants increased in January, with the number of house-hunters registered per branch rising to 73 on average, compared to 50 in December.

ARLA Propertymark Chief Executive, David Cox, said: ‘This month’s results are another huge blow for tenants. With demand increasing by 46 per cent from December, and rents starting to rise in response to all of the cost increases landlords have experienced over the last few years, tenants are in for a rough ride.

‘Last month, there were three landlords selling their buy to let (BTL) properties per branch, and as landlords continue to exit the market, rent prices will only continue to rise.’

He continued: ‘With the Tenant Fees Act passing its final hurdle in the House of Commons and receiving Royal Assent this month, tenants will continue bearing the brunt, as agents and landlords start preparing for a post-tenant fees world.’

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