THE average rent of available properties in the Rugby branch of Newmans Residential Lettings has now exceeded £800 a month.
Letting manager Pam Wattam said the Leamington branch is above £1,000pcm, which has broken previous records.
She said: “The residential lettings market is booming at the moment with tenants renting for much longer periods of time, more clients looking for rental accommodation rather than buying and additional first time landlords who have decided to rent their home to enable them to move quickly, have all contributed to the growth of the market.
“The September Buy-to-Let Index showed that total returns for landlords rose to 14.2 per cent during the month, up from 12.9 per cent in March.
“It also indicated that typical rents in the country have increased by 6.9 % in the last year.” Pam said the growth of the buy-to-let market has given the public more options - before it was either live at home or buy a property, even if it meant being financially stretched.
“Now, the private rented sector is offering good quality alternatives to house purchase, enabling people to live in a quality of home they want,” Pam added.
“The only down-side for us is that we have a shortage of properties.
“We really do need more, of all sizes and locations for our 400 waiting clients.”
For advice on residential lettings, telephone (01788) 820028.