Harvey

I don’t think falling rents are universal. We’ve had 5 tenancy renewals so far this year and all except one have accepted a rent increase. The one exception had only been in the house for 6 months and they were paying a fair market rent anyway, so we didn't ask for an increase. We’ve also had some tenants who have chosen to move on and on average we have been able to charge a (fractionally) higher rent to the incoming tenant.