There was a significant increase in the proportion of landlords raising rents in March, while the number of new prospective tenants registering with letting agents rose for the third consecutive month, the latest data from ARLA Propertymark shows.

According to the trade body, there were 84 tenants per branch in March compared to 82 in February, with the West Midlands recording the highest number of new tenants registered per branch of any region last month at an average of 157.

But the number of properties managed per letting agent branch fell from 195 in February to 193 in March.

Regionally, the West Midlands had the highest number of properties managed per letting agent branch with a figure of 260.

However, rental stock was the lowest in London with an average of 128 properties managed per branch.

Overall, the supply-demand imbalance contributed to the rise in the number of agents reporting that landlords on their books had raised rents, from 49% in February to 60% in March.

The number of tenants successfully negotiating rent reductions dropped to 1.7% in March, from 2% the previous month.

Mark Hayward, chief policy advisor, Propertymark, said: “It’s great to see that the rental market is continuing to boom as demand for rental properties rises.

“Of course, as demand rises and the number of properties decreases, rent prices will inflate, but we’d encourage letting agents to continue to support landlords and their tenants throughout the ongoing Covid-19 difficulties where possible and ultimately it is positive to see rent flowing and incomes returning for many people.”