Private rents across England and Wales have reached a record high average of £774 a month with costs currently rising at between 5% to 8% per year.
The cost of monthly rental payments were up 4.6% in April compared to the same time last year – the fastest annual increase since November 2010 – while they grew by 0.8% between March and April too.
Whilst these numbers make great reading for landlords, it’s a growing issue for tenants across the UK.
The figures, compiled by Your Move and Reeds Rains estate agents, will come as no surprise to hordes of renters who are struggling to save enough money to afford a deposit for a home of their own.
The research found that those in the east of England are facing the biggest increases. Compared to April 2014, rents have risen in the region by 12.5% over the past year to £810 a month. That rate of growth has accelerated from 12% in the year to March 2015 and 10.2% in the 12 months to February 2015.
Those in London saw the second biggest annual increase of 7.8% in April 2015, compared to an annual increase of 5% in the year to March and 4.9% in that to February.
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