Year-on-Year Demand Outstrips Supply
The standard rent amount in the UK is now £836 per calendar month, an increase of 2% year on year.
Data from the latest studies report from shows that one and two bedroom properties saw the biggest boost in rent up 8.5% and 3.6% to £751 and £810 respectively.
While three bedroom properties recorded a 1.6% increase to £930, however, four bedroom plus properties experienced a 3% decrease to £1,345 per calendar month.
On a regional basis Greater London had he largest annual increase in rent, up 10.6% to £1,265, followed by Wales up 6.1% to £666 and the South West up 4.1% to £765.
The only region to see a decrease in rent year on year was the South East, down 4.1% to £1,035 and the firm said that was due to a fall in demand for rental accommodation in the region as more tenants move out of the private rented sector and into the owner occupier sector.
A breakdown of the figures shows that the average rent for newly let properties was £883, an increase of 2.8%. In this sector one and two bedroom properties saw the largest growth in rents year on year, increasing 3.3% and 1.9% respectively
Renewed tenancies averaged £835 per calendar month with one bedroom properties in this sector recording the greatest annual increase in rent with a rise of 3.3%, followed by two bedroom properties up 1.9% and three bedroom properties up 1.7% to £875.
Four bedroom plus homes saw rents stay broadly the same with just a 0.2% decrease.
The majority of UK regions saw an increase in rent for renewed tenancies in January 2015. Scotland sees the greatest increase up 5% year on year to £634, followed by Greater London, up 4.7% to £1,110 and the Midlands with a 3% increase to £622.