ARLA (The Association of Residential Letting Agents) have just reported their latest Private Rented Sector Report which found that the number of tenants registered per letting agent branch increased from 71 in June to 79 in July, the highest level since September 2017.
This figure contrasts with a fall in the number of rental properties available per branch, at 184, down from 191 in June, meaning that tenants are finding it increasingly hard to find suitable properties , whilst rents also continue to rise.
“Buy-to-let (BTL) investors are being pushed out of the market by increasing costs and continued regulatory change, and new landlords are being deterred from entering.
Last month, an average of four landlords took their properties off the market per branch, up from three this time last year – and as supply falls, competition among tenants increases, which pushes up rent costs. Almost a third saw their rents rise last month, and although this figure was down from June, it’s still far too high.
To put tenants back in the driving seat, we need more homes available to rent, and the only way this will be achieved is if the Government makes the market more attractive for BTL investors.”