The number of tenants experiencing rent hikes rose to 35% in June, up from 28% in May – the highest figure since August 2017, according to data from ARLA Propertymark.
Its June PRS report also revealed that the number of tenants looking for new homes increased, with 71 per branch compared to 60 in May – an 18% rise.
In regards to the supply of rental stock, the percentage of rental properties letting agents managed also rose by 3% in June, with 191 on average per branch.
This is also the highest figure recorded for this year and a 3% increase compared to May, when agents managed 186 per branch.
What’s more, the number of landlords exiting the market decreased to only four per branch in June.
“It’s positive to see the number of properties available to rent slowly rising but it still isn’t anywhere near enough to slow down the pace of rent rises, which are continuing to climb,” David Cox, chief executive at ARLA Propertymark, said.
“Over the last few years, we’ve seen taxes to both purchase and let a rental property increase. This combination – coupled with continued regulatory change – has unsurprisingly started pushing landlords out of the market.”
He added: “We predicted back at the end of last year that renters would be in for a rough ride in 2018, and we warned Government about the impact on the market. Our fears are now being realised and renters are suffering as a result.”