The number of tenants who saw their rents rise increased in February as a growing number of letting agents reported landlords leaving the market.
Research by Arla Propertymark found that 34 per cent of agents reported landlords increased rent prices in February, up from 24 per cent in January.
February’s figure is the highest recorded since August 2018, when 40 per cent of tenants had their rents increased.
Year-on-year this figure is up 14 percentage points.
In accordance with this, the number of tenants successfully negotiating rent reductions fell to 2.3 per cent from 2.5 per cent recorded in January.
Furthermore, the number of landlords exiting the market rose to four per branch, after falling to three in January.
Demand from prospective tenants declined last month, with the number of house-hunters registered per branch falling to 65 on average, from 73 in January.
Meanwhile, the number of properties managed on average per branch remained the same month-on-month at 197.
Arla Propertymark chief executive David Cox comments: “According to data from the Office for National Statistics, private rent costs rose by one per cent in the year to February.
“We warned this would happen, as landlords continue exiting the market and increasing legislation deters new ones from entering.
“The chancellor’s Spring Statement included a number of initiatives aimed at growing housing stock for buyers, but it didn’t offer any solutions to increase the supply of properties in the private rented sector.
“Unless the government commits to making the prospect of investing in the PRS more attractive, and introduces measures to increase supply, tenants will only continue to feel the burn.”