The average rent across England and Wales is 3.1% higher than February last year, the greatest year-on-year increase experienced in nearly two years, according to the latest Buy-to-Let Index from Your Move and Reeds Rains.
This annual boost follows a monthly uplift of 0.4% in February 2015, a £3 increase which comes after a series of monthly drops in January (-0.6%), December (-0.1%) and November (-0.2%).
In real terms, average residential rents in England and Wales now stand at £766, compared to £763 in January 2015 and £743 in February last year.
Adrian Gill, Director of estate agents Your Move, comments: “The rental sector is carrying the weight of the housing crisis. More homes are needed to house an ever-growing population. The supply simply isn’t there. The result is that landlords are catering to those who can’t afford to buy as well as those who choose renting for the flexibility it offers them – workers moving into new jobs, or people wanting to get a feel for an area before committing to property ownership and setting down roots."