West Midlands tenants suffer greatest rental increases
Tenants in the West Midlands are suffering the most from rent increases, according to the latest report on the private rental sector from the Association of Residential Letting Agents (ARLA).
A significant 59% of ARLA letting agents in the region witnessed a rent increase for tenants in September – the highest out of all areas in the UK. This is compared to a UK average of 32% of letting agents noting a price hike.
Tenants in London are least likely to be succesful in finding a rental property with the lowest number of managed rental properties per letting agent branch, at 124. At the other end of the scale in the East Midlands, letting agents have a whopping average of 272 rental homes on their books, meaning it is easier for tenants there to bag a property.
Demand for rental property is generally high across the UK, but it is most prominent in the North West, with agents registering on average 40 new prospective tenants per branch in September – the most out of all regions. Demand continues to be prevalent in the South too, with ARLA agents in London, South East and the South West all registering an average of 39 new prospective tenants per branch. Agents in the East Midlands and Scotland saw the fewest new tenants come through their doors.
David Cox, managing director of the Association of Residential Letting Agents, said: “Each region has its own issues, whether it’s a lack of suitable housing, no available housing at all, or over-inflated rent prices. It’s a surprise to see that those renting in the West Midlands are suffering from rent increases the most, when many of us would automatically think tenants in London would be the most prone to rent increases due to the competition in the capital.
“The rental property market remains a significant concern, as prospective house buyers either can’t afford to get onto the housing ladder, or simply can’t find a house they are willing to buy – putting increasing pressure on the rental market. Until the issue of supply and demand is addressed, we will continue to see tenants across the country struggling to get a good deal on rental properties.”