Capital Landlords Central Housing Group

Tenants’ Rent Increases Fall

According to a trade body there were 40% of agents who said that landlords increased their rents in September which dropped from the previous month when 48% had upped their rents.

Compared with September 2019 landlords who increased their rents this year plummeted by 18% from 58% last year; the trade body claims that this is because landlords are doing their best to support tenants through the Covid-19 crisis.
Surprisingly figures for tenants looking to move also dropped as member agents’ branches on average took on 82 prospective new tenants during September down from 101 per branch in August which is the lowest since February’s 82 per branch, just before the market temporarily closed.
The number of available properties to let out for each agent branch fell in September down to 193 from the previous month of 208.
Landlords per branch putting their properties up for sale rose from August of four per branch up to five in September, which for the corresponding month in 2019 and 2018 is the highest.
Angela Davey of the trade body, said: “Our latest figures show that letting agents are continuing to support landlords and their tenants during the ongoing Covid-19 pandemic with rent increases down by almost a fifth year on year and renters staying in their tenancies for longer. As we head towards winter and further uncertainty due to increasing lock down measures, it is vital that tenancies are maintained.
“To this end, with the furlough scheme finishing in October, Westminster must follow the Scottish and Welsh authorities in providing a package of support to tenants to keep the rent flowing. This is absolutely vital in keeping people with Covid-related arrears in their homes and ensuring that landlords continue to have funds to make mortgage payments.”

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