Tenants securing rent reductions at highest level since 2015 – ARLA

by:
  • 29/11/2018
  • 0
Tenants securing rent reductions at highest level since 2015 – ARLA
The number of tenants successfully negotiating rent reductions in October jumped to the highest level since January 2015, according to industry data.

 

At the same time, the number of landlords putting rents up dropped to the lowest level in seven months, a report from trade body ARLA Propertymark showed.

Almost a quarter of agents reported that landlords increased rents, a steep drop from 31% in September and 40% in August.

Demand from prospective tenants increased in October, but the supply of available properties increased 9% year-on-year to reach its highest level since December 2017.

 David Cox, ARLA Propertymark chief executive, said: “Last month’s findings indicate that power in the rental market could be shifting towards tenants, with a record number negotiating rent reductions, and less landlords hiking rent costs.

“However, it’s more likely that this is indicative of the time of year and come the New Year, we’ll see rent prices starting to creep up again.

“There’s no real way of avoiding it unfortunately – with landlords facing continued regulatory change, increasing costs will be passed on to tenants.

“Those who don’t pass the costs on will eventually have to exit the market, which will increase competition and boost prices. It’s the ultimate ‘lose, lose’ situation.”

There are 0 Comment(s)

Comments are closed.

You may also be interested in

Read previous post:
Pepper Money appoints Martin Brown as head of products

Pepper Money has hired Martin Brown as head of products, joining from lifetime mortgage lender Just where he worked as...

Close