Rent rises show regional split in February – ARLA Propertymark

Average monthly rents moved in different directions across the country in February, with several regions recording increases while others registered short-term declines, Arla Propertymark reveals.

Its latest rent and salary tracker shows the East Midlands recorded the strongest monthly rise with increases of 3.4% between January and February to £1,027.

The North West followed with a 2.8% increase, taking the average monthly rent to £1,102.

Scotland also recorded a notable rise of 2.7%, pushing the typical rent to £1,070.

PRS is recalibrating

ARLA Propertymark’s president, Megan Eighteen, said: “February’s data reflects a more varied rental landscape than we saw earlier in the winter, with a number of regions recording modest month-on-month rent increases.

“While some regions are experiencing short-term adjustments, the annual salary required to secure a rental property has generally edged upwards year on year.

“This underlines that affordability pressures remain structurally embedded despite monthly volatility.”

She added: “Overall, the data suggests a market that is recalibrating rather than correcting sharply.”

Regional rent rises and falls

Rents in the South East rose 2% during the month, reaching £1,521, while London recorded a smaller increase of 1%, lifting the average rent to £2,226.

However, Northern Ireland saw the sharpest monthly drop, with rents declining 6.6% from £913 in January to £853 in February.

Wales recorded a slight rise from £1,037 to £1,043 and the South West increased 0.7% to £1,372.

The North East recorded a 1.6% rise to £908.

Rent falls were seen in the West Midlands where the average monthly rent slipped 1.3% to £1,040.

Smaller movements were seen in the East of England where rents fell 0.3% to £1,324, and in Yorkshire and Humberside they slipped marginally by 0.1% to £954.

Salary requirements for rent

An analysis of how much salary tenants need to earn to secure the average-priced home has risen in most regions.

Scotland recorded the largest year-on-year increase from £30,300 to £32,100, a rise of 5.9%.

The North West saw a 5% increase (£33,060), Wales it rose 3.7% (£31,290), and in West Midlands it grew from £30,450 to £31,200 (2.5%).

The North East recorded a 1.9% increase to £27,240, while Yorkshire and Humberside rose 1.8% to £28,620.

The East Midlands was up 1.7% (£30,810), the South West grew by 0.7% (£41,160) and Northern Ireland recorded a 0.5% increase (£25,590).

The East of England increased by 0.2% (£39,720and the South East recorded the same percentage movement, reaching £45,630.

In London, the typical salary needed to secure the average-priced home fell 2.2%, declining from £68,280 to £66,780.