55% of agents have reported landlords increasing rents in June, resulting in the number of tenants experiencing rent rises increased to the highest figure on record.
ARLA Propertymark said this was a 22% increase from May which was also a previous record high.
Year-on-year, the number of tenants facing rent increases is up from 31% in June 2017, and 35% in June 2018.
Demand from prospective tenants also increased marginally in June, with the number of house hunters registered per branch rising to 70 on average, compared to 69 in May.
Year on year, demand has fallen, from 71 house hunters registered per branch in June 2018.
In June, the number of landlords exiting the market remained at four per branch. This stood at the same figure in June 2018.
David Cox, ARLA Propertymark chief executive, said: “Unsurprisingly, rent costs hit a record high in June as tenants suffered the impact of the tenant fee ban. Ever since the government proposed the ban, we warned that tenants would continue to pay the same amount, but the cost would be passed onto tenants through increased rents, rather than upfront costs.
“In addition to the repercussions of the Tenant Fees Act, the proposed abolition of Section 21, coupled with the Mayor of London’s recent call for rent controls, will only cause the sector to shrink further. In turn this will increase pressure on the sector because it will discourage new landlords from investing in the market, causing rents to rise for tenants as less rental accommodation is available.”
