Rents on the rise as tenant demand grows

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RENTS in the North East have increased due to extra tenant demand, according to new figures.

The number of chartered surveyors reporting a rise in rents was up by 11 per cent in the three months to April, says the RICS Residential Lettings Survey.

 This comes as a fifth of surveyors reported an increase in prospective tenants.

 Rental values across the UK have grown since 2009 as would-be home buyers struggle to secure mortgages and large deposits, so turn to the lettings market.

In the North East, eight per cent more surveyors reported increases in landlords looking to let their properties, which was lower than the 21 per cent rise seen in the previous period.

 Peter Bolton King, RICS global residential director, said: “The rental market in the North East is still fairly buoyant and this looks likely to continue, given the challenges facing the sales market.”