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The number of rent increases fell in the private rental sector during October, as landlords looked to consolidate with tenants the current political and economic uncertainty.
According to the latest October Private Rented Sector (PRS) Report from ARLA Propertymark, the number of tenants experiencing rent rises fell by eight percentage points in October with 50 per cent of agents witnessing an increase in rent prices, down from 58 per cent in September.
This number of rent increases represents the lowest figure since June 2019, when the number of tenants experiencing rent increases was 55 per cent.
However, year-on-year, this figure is up from 24 per cent in October 2018, and 22 per cent in October 2017.
In contrast, the number of tenants successfully negotiating a rent reduction increased to 1.6 per cent from 1.2 per cent in September.
However, despite this increase, year-on-year this figure is down from 3.7 per cent in October 2018 and 2.5 per cent in October 2017.
More rental properties were available in October. The number of properties managed per ARLA Propertymark member branch rose by eight percentage points to 201 in October, from 193 in September.
Year-on-year supply is also up from 198 in October 2018 and 182 in October 2017.
Demand from prospective tenants remained the same with 72 registered prospective tenants per member branch.
David Cox, ARLA Propertymark Chief Executive, said: ‘This month’s figures show some temporary relief for tenants; however, while the number of landlords making rent increases has fallen, year on year the figure remains worryingly high. Even looking at the increase in the number of tenants negotiating rent reductions, which should be a positive thing, when comparing year-on-year it is less than half of what it stood at in 2018.
For far too long, successive governments of all political persuasions have passed significant amounts of complex legislation for landlords making the buy to let market a less attractive investment, and this coupled with Brexit uncertainty and a looming general election has left the sector strained. Unfortunately, rents are likely to remain high and tenants will continue to feel the pinch.’