Average rents reach record high

by Daniel Jones

Rental prices have reached record highs, according to research by LSL Property Services, which may put a strain on tenancy agreements made between landlords and their tenants.

For the sixth month in a row, rents rose in July to reach a new record average high of £705 per month, compared with £701 in June.

However, according to online letting agent Upad, it would be a mistake to think these figures mean landlords are being greedy, as rising tenant demand has meant they are having more problems concerning reliability of rental payment.

"Landlords are just keen to find the right tenant because what you are getting more of right now are more tenants in the space but their ability to pay and their reliability is decreasing," he said.

With annual inflation at 4.2 per cent, the average rent is now £29 per calendar month higher than it was in July 2010.

Published on: August 22, 2011

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