Fewer landlords hiking rents

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The number of tenants seeing rents increase fell for the second month in a row, the ARLA Propertymark October Private Rented Sector report has revealed.

Only a third (37%) of agents saw landlords increasing rent in October, compared to 40% in September and 48% August. This is 13% lower than in October 2019, when the figure stood at 50%.

Angela Davey, president, ARLA Propertymark, said: “This month’s figures are testament to the fact that letting agents are continuing to support landlords and their tenants during the pandemic, with rent increases continuing to fall for a second month in a row.

“As the UK experiences continued lockdown measures and regional restrictions, it is essential that tenancies are maintained to keep the rent flowing as the stability of the private rental sector is key to the economy’s bounce back from the impact of Covid-19.”

The number of new prospective tenants rose to the highest on record in October, with an average of 88 per branch.

Regionally, the West Midlands had the highest number of new tenants registered per branch, with an average of 173, and Scotland had the lowest figure of just 30 new prospective tenants registered per branch.

The number of properties managed per letting agent branch rose from 193 in September to 213 in October.

Year-on-year this is an all-time high for the month of October, with the previous record being 201 in 2019.