Your Move’s latest Rental Tracker has found that the South West was the fastest growing rental market in England and Wales in the year to April 2018.
The average price in the region increased by 3% in the last 12 months to reach £679.
Across all regions, the average seasonally adjusted rent now stands at £861. On a non-seasonally adjusted basis, the average property lets for £816 per month.
All-but-two regions posted rent increases in the year to April 2018, Your Move found.
The South West led the charge with average rents increasing by3% in the last 12 months (0.3% over the month). The region, which contains the city of Bristol and rural areas of Devon and Cornwall, now boasts an average rent of £679.
The next fastest growth came in the East Midlands region, where the average rental property is let for £654. This follows 2.9% growth in the last year.
The only two regions to see rents decline in the last year were the North East and Wales. The latter saw average prices decline by 2.1% in the year to April – and 0.5% over the month. The average rent in Wales now stands at £590.
The North East saw prices drop by 1.6% to £536 in the last year andthe region remains the cheapest place to rent in England and Wales.
At the other end of the scale, London continues to have the most expensive rents in the country. In April 2018 the average rent was £1,275 in the capital city, although prices have only risen by 0.1% in the last year.
Martyn Alderton, national lettings director at Your Move, said: “There are two big stories this month. The first is the South West of England, where prices grew by 3% in the last year – faster than anywhere else.
“The East Midlands was the other, with average rental prices hitting £654 which has resulted in average yields for landlords growing from 4% to 4.3% between March and April.
“This is good news for landlords who have been battling falling returns in recent times thanks to a combination of slower rent increases and government tax changes.
“However even areas which have seen yield levels fall or remain flat, property continues to deliver competitive returns compared to other forms of investment.”