Rents are rising at the fastest rate for six months
Rents are rising at the fastest rate for six months, according to data released today, reaching an average of £793 in England and Wales in April.
Rents are 2.4 per cent higher than at the same point last year, according to the latest research from Your Move and Reeds Rains.
Three regions – the East Midlands, West Midlands and the East of England – have now broken all-time records for rents. The East of England is now second only to London in absolute terms, with rents rising to £848 per month in April.
Leading England and Wales in terms of price rises is the East Midlands, where rents have risen by 8.5 per cent, taking the rents to a record of £616 per month as of April.
Adrian Gill, director of lettings agents Your Move and Reeds Rains, said: "Anyone looking for a home to rent may now find the better deals of the winter months are over. Landlords are seeing renewed interest and competition between potential tenants, as the spring rental market accelerates.
"Some of the reasons for rent rises are extremely encouraging. Tenants looking to find a property to rent are more likely to be in work, getting pay rises, and feeling able to pay their other bills. These wider economic fundamentals are shifting on the side of healthier household finances.
"But very little has changed in terms of the supply of homes to let. So for many tenants, it's likely that a large proportion of any earnings growth is swallowed up by higher rents."