Average monthly rents across the UK are down by 2% year on year to £1,438, but tenants would still need a salary of £43,130 to pass affordability checks, new research shows.
The latest rental price and average salary tracker from Propertymark for February reveals significant regional divergence.
Rent increases were recorded in the East Midlands (+3.4%), North West (+2.8%), Scotland (+2.7%) and the South East (+2.0%).
However, Northern Ireland (−6.6%), West Midlands (−1.3%), East of England (−0.3%) and Yorkshire and Humberside (−0.1%) saw declines.
Propertymark also calculated the average salary required to afford rents in different regions, by multiplying the average monthly rent by 30, which is the measure generally used in referencing checks for new tenants.
It found that salary requirements continue to edge upwards year on year in most regions, as monthly fluctuations have not yet translated into meaningful affordability improvements.
London recorded a 1% month-on-month rental increase, while the annual salary required eased by 2.2% year on year, standing out as one of the few regions where income thresholds have fallen.
Association of Residential Letting Agents Propertymark president Megan Eighteen says:“February’s data reflects a more varied rental landscape than we saw earlier in the winter, with a number of regions recording modest month-on-month rent increases, including the East Midlands, North West and Scotland.
“At the same time, areas such as Northern Ireland and the West Midlands have seen rents fall back, demonstrating that seasonal influences are still at play in parts of the market.
“While some regions are experiencing short-term adjustments, the annual salary required to secure a rental property has generally edged upwards year on year. This underlines that affordability pressures remain structurally embedded despite monthly volatility.
“Overall, the data suggests a market that is recalibrating rather than correcting sharply.
“Sustainable improvements in affordability will ultimately depend on increasing rental supply and achieving a better balance between demand and available homes, rather than relying on seasonal shifts alone.”
