Landlords might consider putting up their rents after recent figures show rents are going up every month.
According to the latest Rental Index data from HomeLet, the average rent in the UK rose by 0.5 per cent between January and February 2022. This took the average rent to £1,069 per month, a growth of 8.6 per cent from February last year.
Andy Halstead, HomeLet and Let Alliance chief executive officer, said this rental increase is the result of a limited number of houses on the market.
“The housing supply required to meet the demand sadly isn’t there, so as far as we can tell, this is a trend that will continue to appear throughout 2022, barring an unexpected change,” Mr Halstead stated.
Without adequate supply, it is a favourable landlord market, with commercial property owners being able to command higher fees as their tenants do not have many alternative accommodation options.
According to the statistics, rents in Yorkshire and Humberside rose by 0.6 per cent or £26 between January and February this year.
They also increased by 7.4 per cent over the 12 months leading up to February 2022, taking the average rental income in the region from £680 to £730.
While this is below the UK average, these figures are skewed by London prices where the typical monthly rent was £1,757 in February 2022.
Mr Halstead urged landlords to protect themselves this year by taking over rent protection products, as the cost of living is set to soar. This could make it more difficult for tenants to pay their rent, potentially leaving landlords without an income.
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