Buy to Let – More and more demand for one-bedroom rented properties.
The rise in rent for one bedroom flats has clearly increased, according to the Landbay Rental Index. This is due to the surge of first-jobbers, graduates wanting to live near their first job.
The index revealed that the annual rate of rental price growth for one-bedroom properties rose to 3.9% in September, up from 2.9% in August. A regular one-bedroom rented flat now costs £1,054 per month, according to the monthly Landbay Rental Index.
Across all properties, UK rents inflated by 3.7% in the past year to an average of £1,288. The index also revealed that the biggest rental rise was for three-bedroom properties, up 4.8% to £1,489 in September.
Landbay’s co-founder and CEO stated; “The upward trend in UK rents can simply be explained with one word, jobs. The UK’s job market is going from strength to strength and the rental market is staying hot on its heels.
The rental increase comes as good news for potential investors, purchasing buy to lets with the current mix of low inflation, low interest rates, and high wages.