Year-on-year this is the highest figure on record for the month of June, with the previous June high being 79 prospective tenants registered per branch last year. Despite the record numbers, the figure was actually down against the previous month when May saw 97 per branch.
Regionally, the West Midlands had the highest number of new tenants registered per branch with an average of 128. This number was lowest in Scotland where there was only an average of 34 new prospective tenants registered in June.
The number of tenants experiencing rent increases slipped in June, as 60% of agents saw landlords increasing rents compared to 68% in May. This is the highest figure on record for the month of June beating last year’s previous record of 55%.
According to ARLA, much the same as the wider market, rental stock was also down slightly per letting agent branch, falling from 203 in May to 184 in June - slightly less than the same month a year earlier when the figure stood at 200. Regionally, Yorkshire & Humberside had the highest number of properties managed per letting agent branch with a figure of 288. However, rental stock was the lowest in London with an average of just 112 properties managed per branch.
Rent Reductions
The number of tenants successfully negotiating rent reductions fell from 0.9% in May to 0.7% in June - the lowest number on record for June since records began.
Mark Hayward, Chief Policy Advisor, Propertymark, said: “It is brilliant to see rent continuing to flow this month with rent reductions at a record low for the month of June, showcasing the continuation of the current booming rental sector. We have a close eye on the overall sector for the rest of the year as the current strength of the sales market may be off-putting to private rental investors, and any potential impending taxation on property will be a consideration for all landlord types, but overall, it remains fantastic to see new potential tenancies at a monthly high for June.”
