Rent prices

• The number of tenants experiencing rent rises fell by eight percentage points in October with 50 per cent of agents witnessing an increase in rent prices, down from 58 per cent in September.
• This is the lowest figure since June 2019, when the number of tenants experiencing rent rises was 55 per cent.
• However, year-on-year, this figure is up from 24 per cent in October 2018, and 22 per cent in October 2017 [Figure 1].

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

Rent negotiations

• The number of tenants successfully negotiating a rent reduction increased to 1.6 per cent from 1.2 per cent in September.
• Despite this increase, year-on-year this figure is down from 3.7 per cent in October 2018 and 2.5 per cent in October 2017.

Supply of rental stock and demand from tenants

• The number of properties managed per branch rose by eight percentage points to 201 in October, from 193 in September.
• Year-on-year supply is also up from 198 in October 2018 and 182 in October 2017.
• Demand from prospective tenants remained the same with 72 registered prospective tenants per member branch.