If you are trying to increase the number of properties in your portfolio, now may be the ideal time to do so. The current market is looking increasingly advantageous for landlords as a growing number of cities are surpassing an average monthly rent price of £1,000.* 

Latest rental price inflation figures 

Residential rentals for new tenancies have seen a 10.3% increase from September 2022, reaching a new average rate of £1,164 per month.* The average yearly rental payment is now £13,970, which is a £1,320 increase compared to last year.* 

The London effect? 

Because of the high prices in London, surrounding places in the South-East are in high demand. As a result, the average price of a month's rent has increased to more than £1,000 in cities and towns such as Southend-on-Sea, Luton, and Colchester.*

What factors are contributing to rising rental costs? 

There are a variety of factors that have contributed to rental inflation in recent times. Since the pandemic, there has been a lack of properties available for rent whilst the rise in the cost of mortgages has pushed more individuals into the rental market, resulting in an increase in the overall demand for housing, which therefore contributes to price increases. 

Why should you invest now? 

The current pace of rental demand is just one of the numerous reasons why now could be the best time to develop your property portfolio. Higher rental prices combined with great tenants, on longer-term contracts, can prove profitable. Working with a lettings agent can also take away the hassle of organising the renting and maintaining of the property once purchased, helping to ensure your investment works for you without your day-to-day involvement.