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Landlords Slowing Down On Rent Hikes

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Tue 29 Sep 2015

Landlords Slowing Down On Rent Hikes

August has seen number of landlords increasing rents on the wane, according to a letting agents association's August report on the PRS, (Private Rented Sector). 

landlord rent increases slowing down

The association claims that just over a third (36%) of letting agents have stated that they did not increase rents for tenants for that month, this is the lowest recorded since April this year with July standing at 37%.

However there were areas in England and Wales that steadily increased their rents, one of those was the South West of England where 42% of agents in the region reported rent hikes. In Wales throughout August the number of landlords had tripled since July, in their raising rents - 36%.

It comes as no surprise that the Capital has experienced lower numbers of PRS properties being available to rent, with 110 per branch in August down from 117 the previous month. 

Nationally, the association’s agents reported that each branch on average had 178 properties in August down from the previous month's 189. 

David Cox of the association said: "Our findings this month are good news for the majority of tenants, as less are experiencing rent hikes. However, a third of agents are still seeing landlords pushing rents up, which reflects the sorry state of affairs in the market. With increasing pressure on the dwindling supply of housing, and the number of house-hunters growing, rent increases are unfortunately very common – as one in three tenants are experiencing. Despite the fact they have fallen this month, it's likely they will go back up again over the next few months.”