Key Findings
• Demand from prospective tenants increased by eight per cent in March
• Supply of rental properties increased by two per cent
• The rate of tenants experiencing rent rises increased in frequency, but was lower than in March 2017
• Tenants stayed in rental properties for 18 months on average
• The average void period between tenancies dropped to three weeks
Demand for rental properties increased by eight per cent in March, with letting agents registering 66 new house-hunters per member branch, compared to 61 in February. Demand was highest in the West Midlands with 161 prospective renters registered per member branch, followed by Wales where agents registered 143 prospective tenants. In Scotland there were only 28 registered per branch.
Almost a quarter (23 per cent) of tenants experienced rent increases in March, compared to 20 per cent in February. This follows an upward trend which has seen the number of landlords hiking rent costs rise every month since October 2017. However, it’s down year on year; in March 2017, 25 per cent of tenants had their rents increased; 32 per cent were subject to rent rises in March 2016 and 2015.
Tenants in Wales were worse affected by rent increases, where 57 per cent were affected, compared to London where just 12 per cent had their rents increased.
The average tenure was 18 months in March, an increase from 17 in February.