Rents for three-bedroom properties are rising faster than any other property type, increasing by 4.6% annually.
The average figure for all UK properties during the same period is 3.3%, according to the Landbay Rental Index.
Commuter areas in close proximity to the capital are responsible for the rental growth of three-bedroom properties, with Windsor, Maidenhead, Swindon and Southend-on-Sea all recording average rental growth at over 10%.
The report suggests that while rents continue to climb year-on-year, the rate of growth has slowed from a high of 4.9% in February.
In fact, average national rents fell between May and July this year, with August the first month to record increases since March.
Across all property sizes, the top rental risers outside of the capital were Southend-on-Sea (12.6%), York (12.1%) and Wrexham (up 11.1%).
Meanwhile the areas with the biggest decreases in rental growth were Cheshire (-6.9%), Aberdeen (-5.7%) and Buckinghamshire (-3.5%).
“Rents for three-bedroom family homes are racing ahead of the rest of the market at the moment. The jobs market is firing on all cylinders, and it looks like professionals with families are relocating to where the best paying jobs are,” says John Goodall, co-founder and chief executive of Landbay.
“People relocating for a new job often rent first and buy later. Renting is a great way to settle into a new area fast – and to ‘try-before-you-buy’ to see if you actually like living there.”
He says that his firm's research shows that family homes in the South East are the most attractive proposition to landlords and property investors at the moment.
Joe Macklin, Director at MIAC, adds: “At the local level, the UK’s rental market is highly sensitive to events like the Olympics that can trigger sudden price bubbles in sub-markets, followed by equally rapid corrections.”
“Analysing the underlying data can provide useful insight into these trends and how, over the mid- to long-term the market returns to its trend as short-term forces subside and more stable market forces prevail.”
This is the first edition of the Landbay Rental Index, powered by MIAC, which will be released on a monthly basis.
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