Rents within the private sector went up by 1.6% between May and June in England and Wales and have now reached an average of £827 per month, the latest data reveals.
The buy-to-let index put together by Your Move showed that rents either remained the same or increased in all areas across England and Wales from May to June. The North West and West Midlands saw the biggest rise with 0.3% (bumping prices up to £629 and £609 respectively).
In Yorkshire and the Humber, the East Midlands and the South East rental prices experienced an increase of 0.2%. However, on an annual basis Wales noticed the biggest growth in rents as costs increased by 7.2%.
In England’s East prices rose by 3.6% annually, whilst the South West experienced the biggest decline as prices dropped by 2.6%.
In the capital, rental prices also decrease annually, by 1%. Regardless, London remains the most expensive place to rent a home.
Average yields for landlords improved in both, the North East and North West.
Richard Waind, director at Your Move, said:
“Compared to May, rental prices have held firm or continued to increase, suggesting that recent political turmoil has had little immediate impact on renters. The squeezing of yields in recent times may also be showing signs of ending as landlord returns remain relatively stable with the North East and North West, in particular, performing well.”