Rent prices

• The number of tenants experiencing rent rises increased in May, with 45 per cent of agents witnessing landlords increasing them, up from 33 per cent in April.
• Year-on-year, this figure is up from 27 per cent in May 2017, and 28 per cent in May 2018 [Figure 1].
• In May, the number of tenants successfully negotiating rent reductions fell from 1.9 per cent in March to 1.6 per cent in May. This is the lowest figure seen since October 2015 when it stood at 1.7 per cent.

Figure 1: Average number of tenants experiencing rent hikes year-on-year

Supply of rental stock and demand from tenants

• The number of properties available to rent dropped marginally to 201 per member branch in May, from 202 in April.
• Demand from prospective tenants increased in May, with the number of house hunters registered per branch rising to 69 on average3, compared to 64 in April.
• Year on year, demand is up 15 percentage points, from 60 house hunters registered per branch in May 2018.

Landlords selling their buy-to-let

• In May, letting agents saw a slight decrease in the number of landlords selling their buy-to-let (BTL) properties.
• The number of landlords exiting the market fell from five per branch in April, to four in May.