Two recently published reports have highlighted the recent rise in rental values whilst supply has dropped.
Sequence reported that new tenancies in the UK increased by 16% year on year. They also report that demand is up by 11% annually but supply is down by 13% for the same period. The average monthly rent, excluding London now stands at £702, up by 5% on last year.
In a separate report, Homelet, a referencing company, reported that the average rent on newly signed tenancies were up by 2.5% on those signed in December.