But, of course, some areas saw higher rental growth than others and it was bad news for the tenants of Nottingham because the city registered the highest rental growth in the country at 5.8 per cent last year.
Average monthly rental costs in the city now stand at £679. If you’re looking for houses to rent in Retford, it’s worth bearing this in mind. However, although the rents may have increased at their fastest rate in Nottingham, it’s not the most expensive city for tenants.
For instance, in Bristol, which experienced a 5.5 per cent rental increase, the average monthly cost for tenants is £983.
According to Zoopla, the main reason for the rental increases is the mismatch between supply and demand. The number of properties available to rent fell by four per cent in the past two years, but in 2019 alone, demand for rental accommodation increased by eight per cent.
Richard Donnell, from the company, said: “With further policy changes expected from the government to provide more security of tenure for renters, we expect the supply of rented homes to remain constrained, which will support rental growth in 2020.”
Earlier this year, we reported on a survey by Simply Business, which revealed that over one-quarter of buy-to-let landlords intend to sell at least one of their properties in 2020. This could be good news for prospective buyers though, who may see an increase in the number of properties for sale in their area.