Almost a third of renters saw rents increase in September

Some 31% of private tenants saw their rent payments rise last month, up from 27% in September 2017 and 24% in the same month in 2016, according to latest PRS report from ARLA Propertymark.

But the data shows that the number of tenants experiencing rent hikes dropped from a record-high of 40% in August.

Rents continued to increase on the back of low supply of rental stock, with the number of properties letting agents managed dropping to 194 per member branch in September, from 197 in August.

But demand from prospective tenants also fell marginally last month, with the number of house-hunters registered per letting agency branch dropping to 63 on average, compared to 64 in August

Year-on-year, this is down 20% as there were 79 prospective tenants registered per letting agent branch in September last year.

David Cox, ARLA Propertymark’s chief executive, said: “Although the number of landlords increasing rents for tenants dropped in September, this figure is still alarmingly high, and it continues to rise year-on-year.

“Increasing costs and continued regulatory change is pushing buy-to-let  investors out of the market and deterring new ones from entering.

“An average of four landlords took their properties off the market per branch in September, up from three this time last year – and as supply falls, competition among tenants increases, which is driving up rent costs.

“With the Autumn Budget approaching, we hope the government recognises the importance of increasing supply for tenants and uses it as an opportunity to make the market more attractive for BTL investors.”

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