Rents are going up across the UK where new tenants are moving in, referencing firm HomeLet has said.
But the firm also says that tenants’ incomes are rising to match rent rises.
It says that in May, the average tenant signing a rental agreement had an income 7.2% higher than a year earlier.
The average new rent across the UK is now £846 a month, or £687 excluding Greater London – an annual rise of 2.5%.
Martin Totty, head of HomeLet’s parent firm Barbon, said: “The rental market is in robust shape.
“While rents are rising, there is not a shortage of tenants who are able to pay, and the return for investors in rental property looks secure.
“This is good news for tenants and landlords alike.
“We expect demand for rented accommodation to continue to rise, while investors will no doubt be attracted to the returns on offer in the sector if they are confident in tenants’ ability to pay.”
Wow! Good news for landlords and tenants (and therefore agents too) in the same new article. Thank you Eye – a good start to my week.
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Typo: "news article", not "new article"!
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