Rents in the South East rose faster than anywhere else in the last 12 months, new data shows.
According to the latest Your Move Buy-to-Let Index, rents in the South East went up 13.6% in the last year to reach £875 per month.
Across the whole of England and Wales the average rent stood at £830 in November 2016. At the same point in 2015 this figure stood at £799.
On a regional basis, rents increased in nine of the 10 regions surveyed during the past 12 months, with only the South West seeing a small decline in rents.
The North East has also seen rents rise faster than the national average increasing by 4.2% year-on-year to reach £542 although this still remains the cheapest place to rent a property in the country.
The South West was the only region to see rents fall on a yearly basis, with rents going down from £663 to £656 over the past 12 months.
London remains the area with the highest rents. The typical rent in the capital city was £1,295 in November, up 1.9% compared to the same point in 2015 but virtually flat month-on-month.
Adrian Gill, director of lettings agents Your Move, said: “The rental market is still holding strong, despite ongoing pressures elsewhere in the British economy.”
“Landlords are continuing to see strong yield levels and rents are increasing, even if growth is slower than it was previously.”
“Tenants are now in a much better financial position than earlier in the year. Fewer are struggling with rent payments and this is great news for tenants and landlords alike.”
“There is now a great deal of stability in the rental market and this means there is a solid platform for growth in future months.”
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