Average rent now £791 across England and Wales
According to Your Move and Reeds Rains Buy-To-Let Index for March 2016 the average rent in March 2016 is now £791 up 3% over the last 12 months.
“As the spring market warms up, recent weeks may have been the last of the best deals for those signing a new tenancy,” said Adrian Gill, director of lettings agents Your Move and Reeds Rains. “Into April, market rents will start to build a gradual but inevitable path, ultimately reaching the very peak of the market in the autumn. Early spring is just the calm before the storm.”
“Early 2016 records for the Midlands demonstrate the direction of travel this year,” Gill said. “Demand for homes in the private rented sector is driven by the flow of jobs and the flux of a generally more mobile workforce looking for a place to live. This reflects the strengths of private renting – the opportunity for young independent adults to strike out on their own, or for families to move across the country and earn the best possible livelihood.
“But this regionality is also the core challenge for the private rented sector. In the towns and cities with the biggest renting populations it is a constant struggle for supply from landlords to match demand from tenants. With a surge in jobs and local economic activity, rents rise. Keeping pace will not be easy, and will depend on the freedom to invest as a landlord.”