The number of letting agents seeing landlords increasing rents has hit a two-year high.
The latest ARLA Propertymark Private Rented Sector report, based on a survey of 216 member branches, shows the proportion of letting agents who saw landlords increasing rent costs for tenants rose to 35% in August – the highest level since July 2015, when 37% saw rents increase.
Year on year, this figure has risen from 27%, while just 2% successfully negotiated a reduction last month, down from 2.5% in July.
Both demand and supply has also dropped, with the number of prospective tenants falling from 72 to 70 per member branch between July and August, while the number of properties managed declined from 192 to 189 over the same period.
David Cox, chief executive of ARLA Propertymark, said: “This month’s findings paint another bleak picture for tenants.
“In November last year, only 16% of agents saw landlords increasing rent costs, but that figure now stands at 35% – which is likely to continue rising.
“Landlords have had a rough ride at the hands of policy changes at Government level, and it’s becoming clear that these additional costs are now being passed on to tenants.”