Landlords increase rents as the number of tenants increases

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Landlords have seized the opportunity to raise rents as more tenants seek housing, according to a survey by the Association of Residential Rental Agents (PMRA).

The average rental branch saw 79 new tenants in June, the highest for a June, when the summer lull usually begins to set in.

This is compared to 70 tenants on average in May and 82 in February, before the lockdown began.

Just under 30% of rental agents said landlords increased rents in June, up from 14% in May. Despite this, it was still the lowest number of rent increases noted by agents for a June since 2016.

Agents also reported an average of 200 managed properties per branch; an all-time high for June. This was a slight decrease from 208 in May, but represented strong activity for the time of year.

Regionally, Yorkshire & Humberside had the highest number of managed properties, averaging 264 per branch and Wales had the lowest number of properties on their books, averaging just 104 per branch.

The average time that properties were empty between rentals decreased to four weeks in June from five weeks in May.

This is still the longest period that record properties have gone zero between rentals for the month of June, with a previously constant figure of three weeks.

Phil Keddie, President of PMRA Propertymark, said: “Our latest figures show that the rental market continues to recover after the Covid-19 lockdown.

“Record rental housing supply and tenant demand for this time of year paint an optimistic picture for the summer months, indicating that the market will be more active than the usual seasonal lull.

“As the market continues to recover from the pandemic, it is essential that everyone continue to maintain their rent in order to support the market and help stimulate the economy in these uncertain times.



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