July's rents increase has apparently reached a new record high for the PRS according to the latest stats from an association of lettings agents.

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The highest number of tenants ever recorded, experienced a rental increase with 63% of letting agents reporting that landlords had done so, 15% higher than June.

The report also shows that the number of tenants who had a rent increase in July was 31% higher than the corresponding month last year.

The average across members' branches of tenant demand had risen from June's 70 to 73 in July, however when compared with July 2018 tenant demand significantly fell from last year's 79 per branch.

Members also reported that the monthly number of landlords selling up has remained stable at four per branch.

Chief Executive, David Cox, commented: "Following the Tenant Fees Act coming into force in June, rents have continued to rise, which we believed would happen. The fees agents have been banned from charging are still being paid for by tenants, however it’s now through their rent, rather than upfront costs."

He added: "The fall in the number of properties available further increases competition in the market, which only pushes rents up or forces landlords to exit the market entirely. As the sector faces increased levels of legislation, it’s evident this is putting even more pressure on the industry."