Recent research undertaken by the Goodlord Rental Index has seen a increase in Student rents across all of the the England but dominated by the North West hubs of Manchester and Liverpool.
Thanks to a higher than average demand for student lets, which included a range of high value properties being snapped up by student tenants, average rental prices in England rose by a huge 17.96% during July. This took the average cost up from £1,050 in June to £1,238.
This is the highest average ever recorded by the Index. Every region monitored saw an increase in the cost of rent.
The highest rise was seen in the North West, where prices jumped by a staggering 44%. Students renting in the region, which is home to a huge range of universities including Manchester and Liverpool, are behind the surge. Average costs in the North West are now £1,213, up from £838.
The next biggest jump was recorded in the South West – home to universities including Bristol, Bath and Exeter – with price averages increasing by 36%. This takes the average cost of a rental property in the region up from £1,130 to £1,539.
Despite still being the most expensive place to rent in England, Greater London saw the least movement in average costs during July. A small 3% rise was recorded, taking the average price up to £1,797 per property.
Every month – Goodlord reveals key figures for the private rented sector based on tenancies processed through their platform, including average rents, voidage periods and more – https://www.goodlord.co/newsagent/goodlord-rental-index