Average rent increased under 2% in 2017
Date published: 03 March 2018
Rents increased by an average of 1.9%
Average rent in the North West in 2017 increased by £11.09 (1.90%) to £595.69 during 2017.
Julian Foster, Managing Director at The DPS, said: “National rent growth was slower in 2017 than 2016 and, when compared to inflation and wages, suggests that general economic uncertainty is affecting the private rental sector particularly."
Rent in the North West is the sixth highest in the UK (changing places with rent in the East Midlands, which became the fifth highest), with average rent in the region £178.05 (or 23.01%) lower than the UK average.
For the first time since 2013, rental growth in 2017 was lower than the rate of inflation (2.70%).
Average rent growth has been higher in the North West than the UK average for two consecutive years, and rent in the region decreased as a proportion of salary by 0.03% to 26.93% during 2017.
Average rent for terraced houses grew the most of any property type in the region during 2017, increasing £14.36 (or 2.61%).