Supply of rental housing on the rise

The number of available private rented properties rose in July, the latest Association of Residential Letting Agents (ARLA) monthly Private Rental Sector (PRS) Report has revealed. ARLA registered letting agents, which managed an average of 189 properties per branch in July, compared to 178 in June, have continued to see increases in the cost of renting for tenants. Some 37 per cent of agents reported that rents rose between June and July; the highest number since tracking began in January, when levels were at 27 per cent. The report also revealed that tenants in the West Midlands have been affected the most by rent increases, with 64 per cent of agents reporting that rents had increased in July, followed by the East of England where 53 per cent of agents witnessed rent rises. In contrast, less than a quarter – 21 per cent – of tenants in the North West experienced an increase. But despite the rise in the volume of available private rented homes in July, it would appear that higher rental prices are deterring some tenants from moving home, with demand across the UK having fallen marginally in July to 35 prospective tenants registered per ARLA branch, down…

Read More »