RENTS are rising faster in this region than across most of the UK, new figures show.

The average rent in Yorkshire and Humberside last month was £629, up 2.3 per cent on the same time last year.

UK-wide, the average monthly rent is £924 – an increase of 1.8 per cent compared to June, 2017.

When London is removed from the equation, the figure is £767 – up 1.3 per cent.

Experts in the sector are predicting that demand for rental properties will remain high in the next quarter.

The latest data is contained in the HomeLet Rental Index.

It reveals that rents have increased in ten of the 12 areas monitored. Only Wales and the North East have seen a monthly decrease.

Martin Totty, chief executive of HomeLet, said: “The data used in the index gives us a forward-looking view of the rental market.

“Over the next quarter I think there will be a lot of factors at play in the private rented sector, with both demand for and supply of properties impacting on average rents.

“We don’t yet know if the Government’s squeeze on private landlords via taxation changes and more regulation will discourage their continued participation in this important sector and begin to reduce supply.

“Any constriction of the number of properties available for rent can’t be good news for tenants if all it achieves is to increase rents.

“However, the demand for rental properties remains strong and will continue in the near term, which has to be positive for property owners.

“If some landlords do choose to sell-up there are many who will see that as an opportunity to improve their yields as demand still exceeds supply, a point many commentators have made via the consultations Government have invited on their proposals for the sector.”

He says that increasing numbers of people, labelled ‘Generation Rent’, are choosing to rent for life due to rising house prices.

Mr Totty adds: “The data for this month is very interesting when we examine the regional variations.

“Tenants in London are paying more than they were this time last year. However, the average London rent is still below where it was two years ago, following a dip in the summer of 2017.

“We are seeing some interesting data in other regions, including a contrasting picture in Northern Ireland.

“This region shows average rental prices growing fast, but as a tenant you will still be paying a lower proportion of your monthly income on rent when compared to the rest of the UK.”

For further information, visit homelet.co.uk/homelet-rental-index.