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Rents have tracked inflation for five years
Rents are now 16.3 per cent higher than five years ago, having most recently risen by 2.8 per cent over the last twelve months, according to Your Move and Reeds Rains.
In absolute terms, the average residential rent across England & Wales has grown by £107 since January 2010, to reach £763 as of January this year.
This amounts to an average annual rent rise of 3.0 per cent over the last half decade – or a real terms increase of a meagre 0.6 per cent per annum when adjusted for inflation over the same period.
Most recently, rents have fallen on a monthly basis, down 0.6 per cent between December 2014 and January 2015. On an annual basis, rents are 2.8 per cent higher than last January.
Adrian Gill, director of estate agents Reeds Rains and Your Move, says in the last five years the private rented sector has successfully absorbed an unprecedented influx of tenants “while rental prices have broadly tracked inflation.”
The agencies say that eight out of 10 regions of England and Wales saw slightly lower rents in January 2015 than in December 2014; only the East of England and the North East defied this downward trend, with 1.3 per cent and 0.7 per cent monthly increases in market rents, respectively.
