On an annual basis, rents rose faster in the South West than any other region, according to the Your Move Rental Tracker. Compared to the previous month, the West Midlands posted the strongest increase.
Across all of England and Wales the average rent rose by 1.8% in the last year, this means the average rent across the two nations ended 2018 at £865 per calendar month (seasonally adjusted).
While the level of rent increases has slowed in the last couple of years, there was still solid growth in most regions of England and Wales during 2018, Your Move found.
On an annual basis, the strongest growth came in the South West. In this region prices rose by 4.1% to hit an average of £702. Three areas still have higher rents than the South West, although average rents dropped in two of these regions.
In the East of England the average rent is now £881, which represents a 1.4% fall compared to December 2017, while in the South East prices rose – by 1.2% – to reach £897.
Martyn Alderton, national lettings director at Your Move, said: “While the rental market tends to wind down as we reach the end of the year, there were still some positive advancements this year, with prices rising in all but two regions.
“While landlords in most areas saw their yields squeezed in 2018, there was good news as returns held firm between November and December.
“Tenant arrears have spiked compared to November, but this often occurs at this time of year.”