The data shows that average rent in England went up by 1% last month when compared to January. This takes the average cost from £1154 to £1162, according to Goodlord’s index. Rents have actually dropped month-to-month between January and February four out of the last six years, meaning this February increase is out of the ordinary.
While the overall average showed a 1% rise, two regions saw a dip in prices last month. Rents in Greater London fell by 1%, while the West Midlands saw a decrease of 2%.
Looking at the yearly change, rents are up 7% when compared to February 2023. This is a promising figure for those who are considering buy-to-let as a way of investing for a monthly income.
William Reeve, CEO of Goodlord, commented:
“Right now, the market is delivering fairly consistent year-on-year stats when it comes to rent rises, and we continue to hover around the 7% mark. All eyes will be on whether this starts to reduce as we come into the summer following last year’s record-breaking numbers, or if new records will be set.”
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