Average monthly rent for England and Wales increases by 2.5% in the last year to £829
Rents grew fastest in the North West and East Midlands in the year to January 2018, according to figures from Your Move.
In their latest buy-to-let index, the estate agents report that both regions recorded rent increases of 2.9% year-on-year, with average rents around £636 per month in the North West and £652 per month in the East Midlands.
Prices also rose in the East of England by 2.7% to £894 per month, compared to an average increase in England and Wales of 2.5%. Only two regions, London and the North East, reported declining rents.
The index also highlights that tenant finances have improved, reflected in the number of tenants in arrears, which is down from 12.4% in December to 8.4% in January.
Martyn Alderton, national lettings director for Your Move, says the figures reflect a strong start for the market, and believes landlords can attract longer tenancies through additional features: “The new year has started in a positive fashion for the rental market in England and Wales.
“With more tenants seeing renting as a long-term option, landlords, with their letting agent’s support, should identify features to encourage longer tenancies.
“For example, our recent tenant survey has found that more than a quarter of tenants would pay on average £24 more a month to live with their pets.”
Demand for rented properties continues to outweigh supply, with a recent private sector report finding estate agent branches registered more prospective tenants in January, whilst the number of properties they managed declined.