Tenant Rent Increases at an All Time Low
- The number of tenants experiencing rent increases fell to lowest level seen since records began three year ago
- Supply of properties available to rent rose for the first time since July
- Empty homes sat on the market for the longest period recorded in three years
- The number of tenants experiencing rent increases fell for the third month running in November, with just 16 per cent of agents reporting that landlords increased rents. This is the lowest level seen since records began in January 2015 – in November 2016, it also stood at 16 per cent
- Month on month, this figure is down from 22 per cent in October, and 27 per cent in September
- In line with this, the number of tenants successfully negotiating rent reductions jumped from 2.5 per cent in October to 3 per cent in November. This is the highest it has been since July and not far from the highest figure on record, when it stood at 3.6 per cent in March.
Demand for rental properties
- Demand dropped significantly in November, from 69 prospective tenants registered per branch in October, to 58.2
Supply of rental stock
- The number of properties letting agents managed rose in November, for the first time since July to 192 per branch. This is up from the 12-month-low figure of 182 in October.
- In November, the average time properties were empty between tenancies rose to four weeks – the highest recorded since records began three years ago.
Read the full PRS report here