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Figure 1: Average number of tenants experiencing rent hikes year-on-year
Chief Executive
“As predicted, last month’s findings have shown an increase in rent prices in advance of the Tenant Fees Act coming into force. This rise in the number of tenants experiencing rent hikes is the highest we’ve ever had recorded, and rents will likely continue to rise as they must now cover the agent’s legitimate costs for setting up a tenancy.
“Competition for properties will be increasing as the supply of properties available to rent falls, but the demand from prospective tenants grows. This ultimately pushes up rent prices on well-managed properties and leaves tenants feeling the pinch.”