Rent increases down over the past 12 months
In a recent media article the Association of Letting Agents said that:
The volume of increases in rent price has fallen dramatically in the last 12 months, according to the latest data published the Association of Residential Letting Agents (ARLA), which says there are now fewer rent increases than at any other time in 2016. The latest private rental sector report from the organisation has shown that over the course of the past 12 months, there has been a decline in the number of agents seeing a rise in rental prices overall, and in October of this year, only 18 per cent said they had experienced rising prices.
We have noticed this slackening off in demand over the last 12 months and accordingly have advised all Mackstone client landlords to take a more cautious approach to both rent renewals and new listings.