Rents continue on upward trajectory
Rental values have increased steadily over the past three years, with average values now at £706 per person per month, rman.co.uk reports.
New research from insurance firm Endsleigh found that average rents in 2009 were at just £663, rising to £688 in 2010. Typically, London was named as the most expensive city in which to rent, with monthly rents averaging £1,247.63 per person, even after witnessing a small decline in prices. Swansea, meanwhile, came out as the least expensive, with averages at just £398.50.
The South East was seen to be the most expensive area for renting, accounting for seven of the top ten - alongside Bath, Oxford and Bournemouth. Scotland and the North of England were shoulder-to-shoulder with Swansea as the cheapest in Britain.
Popular towns also saw an increase in rental values, with Watford (£1,060), Guildford (£1,031), Slough (£989) and Bath (£963) all scoring highly.
Endsleigh did advise landlords, however, to carry out proper rental property management or find professionals to do it for them otherwise much of their profit could be taken up by repairing damage which costs over the total deposit value.
Speaking to lettingagenttoday.co.uk of their results, general manager of letting services at Endsleigh, Grant Stevens, explained: "Rents in London have been rising for a long time so it is no great surprise that there is finally a cooling in prices.
"However, nationally, year-on-year the picture is one of a very buoyant rental market and, with the overall rise in keeping with inflation, it won't unduly affect the pockets of either landlords, who are enjoying good yields, or renters, who are able to access a whole range of properties."