The average cost of renting a home in the UK fell by 1.7% during January, according to the latest Homelet Rental Index. Yorkshire and the Humberside experienced the most dramatic decrease, with a 3.6% drop – 2.5% less than the same time last year, and the lowest since June 2012.
In addition to this welcome news for Yorkshire tenants, the index also revealed that tenant incomes in the same region increased by 5.6% during the past 12 months. A tenant that is perfectly average would have over £1,000 more in their pocket than a year ago. That’s a fairly decent chunk of change!
With housing prices creeping back up, and rental prices inching down, there is evidence to suggest that more tenants view renting as a financially favourable long-term solution. The average tenant age was found to have increased during the past 12 months to 34. Previous tenancy lengths too have increased, averaging 21.4 months.
With more disposable income than last year, tenant confidence in the market will increase, which is also good news for investors. Coupled with government initiatives to develop the rental market, 2014 is shaping up to be a productive year for the private rented sector.
Back to news