According to tenancy referencing firm, HomeLet, rents now average £777 per month across the UK, though there are large regional differences.  For instance, HomeLet says that rents in Greater London rose by 6.7% over the past year and now stand at £1224 per month in comparison with the North East which is paying a monthly average of £512.

HomeLet’s Ian Fraser said ‘Greater London has seen a greater annual increase in average rents than anywhere else in the UK. In contrast, our data shows that tenants living in the capital have only seen their income increase by an average of 0.8%. Therefore, when the 6.7% increase in renting a home is combined with the 2.7% increase in inflation, the budgets of tenants in the capital appear to be strained more than ever.

Rents tend to increase towards the summer months and with a stunted supply of properties entering the private rented sector, we could see higher increases than normal this summer in the most popular areas’, said Andrew Sainsbury, Director at GO Property Services.  ‘Increasing rents are great news for landlords, but squeezed budgets can sometimes lead to unwanted rent arrears.  Our unique Property Management System means we are on top of rent arrears from day one and we have an arrears record our competitors are very envious of.  For landlords wanting the ultimate security though, we offer tailored Landlord Rent Guarantee’s which covers the rent in unfortunate circumstances e.g. where the tenant loses their job, so we have all bases covered.’

If you would like to discuss the benefits of a Landlord Rent Guarantee in more detail, please call our office on 0115 9629770 or more information can be found here.

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