Cost of renting at a record high

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by Kay Murchie

According to research from the Association of Residential Letting Agents (ARLA), renting a house in prime central London will cost approximately £819 a week. However, this figure is £345 across the south-east and £230 in the remainder of the country.

ARLA has revealed that rent levels have risen in all areas, continuing a trend beginning in early 2007. Tenant demand is now higher than supply all over the country in spite of the number of buy-to-let landlords increasing.

A spokesperson for ARLA said that these figures are consistent with the traditional cycles that are always underlined by the private rented sector when house prices ease. Demand for rented accommodation increases.

The research also established that up to 73% of tenants stay in the same property for between 10-18 months, with the average tenancy being 16.3 months across the country. However, this increases to 17.7 months in prime central London.

In addition, a report from The Money Centre said that the buy-to-let industry is thriving and an increasing amount of people are looking at property investment to secure their future. The Money Centre added that the buy-to-let market is no longer for just the wealthy and middle-aged. Currently, 40% of landlords are under the age of 35 and more than half own 1 or 2 properties for rent.