- The number of tenants negotiating a rent reduction fell to 1.1 per cent from 1.6 per cent in November, which is the lowest figure since records began.
- However, the number of agents witnessing rent increases remained at 32 per cent in December.
- Year-on-year, this figure is still up from 16 per cent in December 2017 and 18 per cent in December 2018.
Figure 1: Average number of tenants experiencing rent hikes in December year-on-year
Demand from tenants
- Demand from prospective tenants fell last month with 56 prospective tenants registered per member branch, down from 67 in November.
- Demand from prospective tenants has now fallen for the third consecutive month.
Supply of rental stock
- However, the number of properties managed per branch rose last month from 203 to 206.
- Year-on-year supply is up from 200 in December 2017 and 193 in December 2018.