Rents in the South West, which includes the likes of Bristol, Devon and Cornwall, has seen rental price increases outstrip all other regions of late, rising by 0.31% in the past month alone, according to Your Move’s latest England & Wales Rental Tracker.
The average rent in the South West now stands at £679 a month, which is 3.3% higher than a year ago.
But despite recent growth, rents in the South West remain significantly lower that the average for England and Wales
The average rent in the private rented sector in England and Wales edged up to £866 per month, up 4.4% year-on-year, the data from Your Move shows.
Only two regions have seen rents fall in the last 12 months, and they are the North East and Wales, where rents are down 1.6% and 0.5% respectively to an average of £526 a month and £590 a month.
The North East remains the cheapest place to rent at £536 a month, while London is the most expensive at £1,275 a month.
While yields in most regions of England and Wales remained steady between March and April, there was an increase in the East Midlands to an average of 4.3% but the rate dropped in the North West from 4.9% to 4.8% and in the East of England from 3.8% to 3.7%.
Across all of England and Wales, the average yield was 4.4%, unchanged from the previous month.
The highest yield is 5% in the North East, followed by 4.8% in the North West, and 4.7% in Wales.
The lowest yield is 3.2% in London with the South East and the South West at 3.3%.
Martyn Alderton, national lettings director at Your Move, said: “There are two big stories this month. The first is the South West of England, where prices grew by 3% in the last year - faster than anywhere else.
“The East Midlands was the other, with average rental prices hitting £654 which has resulted in average yields for landlords growing from 4% to 4.3% between March and April.
“This is good news for landlords who have been battling falling returns in recent times thanks to a combination of slower rent increases and government tax changes.
“However even areas which have seen yield levels fall or remain flat, property continues to deliver competitive returns compared to other forms of investment.”