When searching for the best area to buy a rental property, looking at regional differences in data is imperative.
The priciest region for renters is still London, with an average monthly rent of £1953. With monthly income like this, it’s easy to see why investing in London property is still a popular choice despite the sky-high property prices in the capital.
But London isn’t the only region with impressive growth over the years. The North West’s average was £934.85, up from £877.50 in March 2023. The North East has the lowest average rent, sitting at £851.
William Reeve, CEO of Goodlord, said: “March was another strong performing month for the rental market, with rents and voids holding steady. However, the genuinely eye-opening data can be found in the year-on-year figures, which show just how rapidly rents across England have shifted since 2020.
In this post-pandemic era, rent rises have consistently outstripped inflation and evidence the needs of a growing tenant population colliding directly with lack of stock and a complicated combination of pressures facing landlords.”
