THE rental market is showing signs of a slowdown, according to ARLA Propertymark, the Association of Residential Letting Agents.
Supply of rental properties and demand from prospective tenants were both down in October. The number of renters experiencing rent hikes also fell.
The industry body said the number of properties managed by letting agents fell to a 12-month low per branch in October. On average each branch had 182, down from 189 in September.
Supply also dipped in October, from 79 prospective tenants registered per branch in September, to 69.
The number of renters experiencing rent increases fell to the lowest level since December 2016. Just over a fifth (22 per cent) of agents saw landlords putting up rent costs - down from 27 per cent in September, and a high of 35 per cent in August.
David Cox, ARLA Propertymark chief executive, said: "While this time of year is one of the busiest for people buying and selling properties, it’s typically slower for the rental market.
"A large number of tenancies are agreed over the summer, meaning both supply and demand are usually lower in the autumn. However, a lot are also agreed in the New Year and, if stock remains low, competition for properties among prospective tenants will increase, which will in turn push rents up, so we must see an increase in supply over the next two months."
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