Earlier this year, rent prices increased by 3%, standing at an average of £780 per month.
According to Zoopla, rents are surging at an extraordinary rate amid high levels of interest, paired with the shortage of homes available to rent.
The North East saw a 5.5% increase in the first quarter of this year compared to the same time last year. However, despite this increase in rental prices, the region remains one of the most affordable rental markets in the country, with an average monthly rent of £559.
Other regions with the highest rental increase include the South West with a 5.3% increase, 4.8% in the East Midlands and 3.8% in Wales; a 10-year high for all three regions.
In London, rents are at a similar level as seen seven years ago at an average of £1,554 a month. However, there are signs that things could change very soon.
What are your options as a landlord?
Demand for homes to rent is now 59% higher than normal levels, as tenants look to rent ahead of their next move.
With supply unable to match demand, you could be in a good position to let your property quickly, as well as securing a higher rent than you have previously achieved.
Browse our latest buy-to-let properties, contact us to find out what this means for you.