The private rented sector continues to be the fastest growing tenure in England accounting for 3.8m homes (17%) of all households. However, until now it has been difficult to place a financial value on the rental market as a whole and to compare actual rental rates received by landlords according to a region and property type.
The Rent Check report, launched today by BDRC Continental and Allsop LLP, makes this possible by measuring actual rents agreed by more than 1,500 private landlords in England and Wales who are members of the National Landlords Association (NLA).
The private rental market at-a-glance: stable, secure and promising
87% of landlords achieve their listed asking rent -“ or higher
61% of landlords are confident in the prospects for their own letting business
41% of all surveyed landlords have agreed higher rents over the past 12 months, compared to 7% who have agreed to lower their rents
Almost a quarter of landlords (23%) plan to purchase further property in the next 12 months
The average tenant stays in a rented property is now in excess of two and a half years.
Spend on housing across the country
The report compares rents by property type across England and Wales. Excluding London, the average monthly rent for a two bedroom flat ranges from £480 in the North East to £695 in the South East. Rent for a three bedroom property (terrace and semi-detached houses) ranges from £500 in the North East to £935 in the South East. For all regions outside of London, the average rent for a two bed flat would consume less than 34% of household disposable income.