Rents rose on detached homes at twice the rate for all new properties in the third quarter of 2021, according to The Deposit Protection Service (The DPS).
Rents for detached properties rose by 3.52% from £1,079 to £1,117, compared to a 1.74% increase for all homes.
This includes significant increases of 5.27% for detached London homes, from £1,764 to £1,857, and an increase of 6.38% in the West Midlands, from £925 to £984.
Matt Trevett, managing director at The DPS, said: “Despite the roll-out of the coronavirus vaccination programme and the lifting of lockdowns, it seems that tenants are still prioritising more living space and are willing to pay for it.
“They are also staying in detached homes for longer and this, combined with lower availability of these properties, is driving up rents.
“The last quarter’s rent increases across all property types and most regions suggests a strong return of demand from tenants as employees start to go back into offices and students attend University in person this academic year.”
|Property Type||Q3 2021||Q2 2021||Q2 2021 vs Q3 2021 (%)||Q3 2020 (£)||2021 Q3 vs 2020 Q3 %|
For all property types combined the West Midlands experienced the highest rent increase during Q3 2021, growing 4.03% (£26) to £671.
The North East, still the cheapest region to rent a property, saw the second highest increase (3.58%) during Q3 2021, rising £19 from £530 to £549.
Rents in the South West saw one of the largest annual increases of £53 (6.96%), from £762 to £815, between Q3 2020 and Q3 2021.
Rents for all property types in the East of England rose 7.48% (£61) to £876 between Q3 2020 and Q3 2021, with average rents for detached homes rising £67 (5.63%), from £1,191 to £1,258, during the period.
Wales, the only region where overall rents fell during Q3 2021, saw a decrease of £5 (-0.80%) to £621.