Rents up everywhere as new tenants flock to cities

HomeLet’s rental index figures for June shows another rise with average rents outside of London now standing at £747 per month, with the capital coming in at £1,515 per month. 

While the majority of UK regions saw rent prices increase by less than 10 per cent in the three months to June 2015, both the south east and south west of England saw rent prices rise by 11 per cent in this period.

HomeLet has also assessed where the most new tenants have surfaced. Wakefield, Coventry, Brighton, Nottingham and Greater London top the list of hotspots where tenants new to the area account for the largest proportion of new tenancies signed

Tenant movement into Greater London has risen since the recession began, with 18 per cent of new tenancies in the capital in the last year taken on by people moving from other regions, compared to 11 per cent in the year to June 2008

London shows the greatest increase in average monthly rent prices since the recession began in 2007/2008 (51 per cent increase), followed by Brighton (25 per cent) and Coventry (21 per cent).

Data for this survey is gathered from HomeLet’s tenant referencing service, and rental amounts are based on actual achieved rent prices with accurate tenancy start dates in a reported month, rather than advertised costs. Up to 1,700 applicants are referenced every day by HomeLet.