rent increases

One in three letting agents report rent increases

A higher number of letting agents witnessed rents increase between May and June, newly released figures from the Association of Residential Letting Agents (ARLA) has shown. According to the data, 36 per cent of letting agents that are members of ARLA reported that rents rose month-on-month – the highest number since tracking began. Letting agents in the East Midlands saw the highest number of gains, with 48 per cent of ARLA agents reporting a rise. In contrast, just 17 per cent of agents in Wales saw a hike in the monthly rent. The report suggested that rents are being forced higher by an ongoing supply-demand imbalance, particularly in London where it states that “worryingly” there were only 118 rental properties managed in June, compared to 134 in May – a fall of 12 per cent. “It is worrying to see so many agents reporting an increase in the cost of rent over the last six months, especially considering so many people rent as a way to bridge the gap whilst they save to get onto the property ladder,” said David Cox (left), Managing Director, ARLA. He added, “Findings like this continue to prove that the housing crisis isn’t going to…

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