Tenant fee ban leads to rent hikes
The introduction of the Tenant Fee Ban in June has seen more tenants experiencing rent hikes since then, figures reveal.
According to Arla Propertymark, 46% of tenants saw rents rise this year, that's up from 2018's figure of 26%.
Arla's chief executive, David Cox, said: "It's no surprise that tenants have seen rent rises this year. We predicted this would happen when the government announced the Tenant Fee Ban and rent costs have spiralled since it came into force in June."
'Landlords have continued to exit the market'
He added: "Due to the legislation landlords face, they have continued to exit the market this year which, when coupled with a general election and Brexit uncertainty, has left the rental sector in despair.
"Next year, unfortunately, could be the same unless something is done to help make the sector more attractive for investment."
Arla's research also highlights that the supply of homes for rent rose this year, with an average of 197 per letting agentís branch - up from 2018's average figure of 187.
However, in March letting agents had an average of 203 rental properties per branch that they were managing.
A new matrix helps to simplify the Tenant Fee Ban
Meanwhile, landlords and agents may be interested to know that a new matrix has been published to help them understand the Tenant Fee Ban.
It has been produced by the Tenancy Deposit Scheme (TDS) for use in England and Wales along with Arla Propertymark.
A spokeswoman for TDS said: "We have created the matrix to highlight the important points of the legislation in a visual and simple way and how the two acts differ in Wales and England."
Landlords are confused by the new legislation
She added that landlords are confused by the new legislation, particularly if they have rental properties in both countries.
The matrix highlights what landlords need to know about holding deposits and security deposits along with rent arrears, early termination, late payments and check-in and check-out fees.
The matrix also covers agreement amendments, lost keys and also tenant responsibilities as well as the issue of pet deposits.
Arla's David Cox said: "The Tenant Fee Ban is complex and it's made worse by the fact that the ban is slightly different between England and Wales. The matrix helps landlords and agents operating in both countries to comply with the right law."